Name Number of Shares Total Cost Total Fair Value $ 44,800 $ 40,000 Griffin Inc. 1,600 Luck Company 1,250 37,500 33,750 Wilson Company 1,000 40,000 37,000 Total $117,500 $115,550
Name Number of Shares Total Cost Total Fair Value $ 44,800 $ 40,000 Griffin Inc. 1,600 Luck Company 1,250 37,500 33,750 Wilson Company 1,000 40,000 37,000 Total $117,500 $115,550
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows:
Please see the attachment for details:
On May 10, Year 2, Gruden Bancorp Inc. purchased 1,200 shares of Carroll Inc. at $29 per share plus a $100 brokerage commission.
Provide the
a. The adjustment of the trading security portfolio to fair value on December 31, Year 1.
b. The May 10, Year 2, purchase of Carroll Inc. stock.
Transcribed Image Text:Name
Number of Shares
Total Cost
Total Fair Value
$ 44,800
$ 40,000
Griffin Inc.
1,600
Luck Company
1,250
37,500
33,750
Wilson Company
1,000
40,000
37,000
Total
$117,500
$115,550
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