Tamarisk Company has the following portfolio of investment securities at September 30, 2017, its last reporting date. Trading Securities Horton, Inc. common (5,230 shares) Monty, Inc. preferred (3,790 shares) Oakwood Corp. common (1,070 shares) Cost $214,430 144,020 192,600 Fair Value $198,730 151,300 191,640 On October 10, 2017, the Horton shares were sold at a price of $56 per share. In addition, 3,080 shares of Patriot common stock were acquired at $58 per share on November 2, 2017. The December 31, 2017, fair values were Monty $119,050, Patriot $144,710, and the Oakwood $206,610.
Tamarisk Company has the following portfolio of investment securities at September 30, 2017, its last reporting date. Trading Securities Horton, Inc. common (5,230 shares) Monty, Inc. preferred (3,790 shares) Oakwood Corp. common (1,070 shares) Cost $214,430 144,020 192,600 Fair Value $198,730 151,300 191,640 On October 10, 2017, the Horton shares were sold at a price of $56 per share. In addition, 3,080 shares of Patriot common stock were acquired at $58 per share on November 2, 2017. The December 31, 2017, fair values were Monty $119,050, Patriot $144,710, and the Oakwood $206,610.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Tamarisk Company has the following portfolio of investment securities at September 30, 2017, its last reporting date.
Trading Securities
Horton, Inc. common (5,230 shares)
Monty, Inc. preferred (3,790 shares)
Oakwood Corp. common (1,070 shares)
On October 10, 2017, the Horton shares were sold at a price of $56 per share. In addition, 3,080 shares of Patriot common stock were
acquired at $58 per share on November 2, 2017. The December 31, 2017, fair values were Monty $119,050, Patriot $144,710, and the
Oakwood $206,610.
Date
Cost
$214,430
144,020
192,600
Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2017.
(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 0 for the amounts.)
Account Titles and Explanation
+
Fair Value
$198,730
151,300
191,640
#
Debit
Credit
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