Carlsville Company, which began operations in 2017, invests itsidle cash in trading securities. The following transactions arefrom its short-term investments in trading securities.
2017
| Jan. | | 20 | | Purchased 900 shares of Ford Motor Co. at $27 per share plus a$130 commission. |
| Feb. | | 9 | | Purchased 2,400 shares of Lucent at $39 per share plus a $200commission. |
| Oct. | | 12 | | Purchased 720 shares of Z-Seven at $7.10 per share plus a $95commission. |
| Dec. | | 31 | | Fair value of the short-term investments in trading securitiesis $128,900. |
2018
| Apr. | | 15 | | Sold 900 shares of Ford Motor Co. at $30 per share less a $300commission. |
| July | | 5 | | Sold 720 shares of Z-Seven at $10.50 per share less a $95commission. |
| July | | 22 | | Purchased 1,600 shares of Hunt Corp. at $33 per share plus a$230 commission. |
| Aug. | | 19 | | Purchased 2,000 shares of Donna Karan at $44.00 per share plusa $105 commission. |
| Dec. | | 31 | | Fair value of the short-term investments in trading securitiesis $231,675. |
2019
| Feb. | | 27 | | Purchased 3,900 shares of HCA at $30 per share plus a $410commission. |
| Mar. | | 3 | | Sold 1,600 shares of Hunt at $28 per share less a $130commission. |
| June | | 21 | | Sold 2,400 shares of Lucent at $36.75 per share less a $42commission. |
| June | | 30 | | Purchased 1,400 shares of Black & Decker at $47.50 pershare plus a $600 commission. |
| Nov. | | 1 | | Sold 2,000 shares of Donna Karan at $44.00 per share less a$124 commission. |
| Dec. | | 31 | | Fair value of the short-term investments in trading securitiesis $188,500. |
Required:
Prepare journal entries to record these short-term investmentactivities for the years shown. On December 31 of each year,prepare the adjusting entry to record any necessary fair valueadjustment for the portfolio of trading securities. (If noentry is required for a transaction/event, select "No journal entryrequired" in the first account field. Do not round yourintermediate calculations.)
Prepare journal entries to record these short-term investmentactivities for the years shown. On December 31 of each year,prepare the adjusting entry to record any necessary fair valueadjustment for the portfolio of trading securities.
