Shamrock Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (5,340 shares) Monty, Inc. preferred (3,430 shares) Oakwood Corp.common (1,040 shares) Cost $229,620 133,770 190,320 On October 10, 2020, the Horton shares were sold at a price of $53 per share. In addition, 3,210 shares of Patriot common stock were acquired at $54 per share on November 2, 2020. The December 31, 2020, fair values were Monty $105,670, Patriot $139,790, and Oakwood $204,600. Date Fair Value $214,770 140,490 189,290 Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) < Account Titles and Explanation Debit Credit

Shamrock Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (5,340 shares) Monty, Inc. preferred (3,430 shares) Oakwood Corp.common (1,040 shares) Cost $229,620 133,770 190,320 On October 10, 2020, the Horton shares were sold at a price of $53 per share. In addition, 3,210 shares of Patriot common stock were acquired at $54 per share on November 2, 2020. The December 31, 2020, fair values were Monty $105,670, Patriot $139,790, and Oakwood $204,600. Date Fair Value $214,770 140,490 189,290 Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) < Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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