Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. bob purchased shares of delta for 60 on december 2

Bob purchased shares of Delta for 60 on December 22, 2013. The fair value of...

90.2K

Verified Solution

Question

Accounting

Bob purchased shares of Delta for 60 on December 22, 2013. The fair value of these securities on December 31, 2013, was 54. Prepare the journal entries for Bob to show the purchase of the securities, and the adjustment of the securities to fair value at 12/31/13.

On January 3, 2014, Bob sold the securities for $65. Prepare the journal entries for the sale and the removal of the investment from the books.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

solo corp. is evaluating a project with the following cash flows: Year 0 cash flow 29,900...

Statistics
1.2K views

A study was conducted to determine the proportion of people who dream in black and white...

Chemistry
1.2K views

Prepare the following solutions by determiing the proper mass of solute (or volume in the case...

Physics
1.2K views

On Myth Busters it was determined that a penny dropped from the top of the Empire...

Biology
1.2K views

Answer the following questions by filling in the blank with the correct letter A B...

Physics
1.2K views

5 7 Given sea level standard day conditions a wind tunnel has an inlet area...

Basic Math
1.2K views

The volume of a right circular cone is 367 units. If the height of the...

Accounting
1.2K views

Windsor Corporation had the following tax information. Year 2023 2024 2025 Taxable Income $366,000...

Accounting
1.2K views

on October 1, 2021 Marcus Corporation purchased $40,000 of 2% bonds of Robert's corporation due...

Accounting
1.2K views

Refer to the Carteret Inc. information below. Carteret Inc. manufactures hammocks under various brand names....

Accounting
1.2K views

The following financial statements apply to Vernon Company: 2019 2018 $210,800 9,100 219,900 $176,000 5,900...

Accounting
1.2K views

can you please answer all questions from 1 A to 3 C please and explain...