Carlsville Company, which began operations in 2017, invests its idle cash in trading securities. The following...

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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. 20Purchased 1,000 shares of Ford Motor Co. at $27 per share plus a$130 commission. Feb. 9 Purchased 2,500 shares of Lucent at $38 pershare plus a $195 commission. Oct. 12 Purchased 800 shares ofZ-Seven at $8.10 per share plus a $95 commission. Dec. 31 Fairvalue of the short-term investments in trading securities is$133,700. 2018 Apr. 15 Sold 1,000 shares of Ford Motor Co. at $30per share less a $290 commission. July 5 Sold 800 shares of Z-Sevenat $10.75 per share less a $100 commission. July 22 Purchased 1,700shares of Hunt Corp. at $33 per share plus a $225 commission. Aug.19 Purchased 1,900 shares of Donna Karan at $44.00 per share plus a$105 commission. Dec. 31 Fair value of the short-term investmentsin trading securities is $232,225. 2019 Feb. 27 Purchased 3,700shares of HCA at $35 per share plus a $430 commission. Mar. 3 Sold1,700 shares of Hunt at $28 per share less a $125 commission. June21 Sold 2,500 shares of Lucent at $35.75 per share less a $37commission. June 30 Purchased 1,300 shares of Black & Decker at$47.50 per share plus a $595 commission. Nov. 1 Sold 1,900 sharesof Donna Karan at $44.00 per share less a $124 commission. Dec. 31Fair value of the short-term investments in trading securities is$199,900. Required: Prepare journal entries to record theseshort-term investment activities for the years shown. On December31 of each year, prepare the adjusting entry to record anynecessary fair value adjustment for the portfolio of tradingsecurities.

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Please hit LIKE button if this helped For any further explanation please put your query in comment will get back to you Date Account Debit Credit Jan 20 2017 Short term Investment Trading Ford 27130 Cash 27130 To record purchase of invesment in ford 100027130 Feb 9 2017 Short term Investment Trading Lucent 95195 Cash 95195 To record purchase of invesment in Lucent 250038195 Oct 12 2017 Short term Investment Trading Zseven 6575 Cash 6575 To record purchase of invesment in See Answer

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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. 20Purchased 1,000 shares of Ford Motor Co. at $27 per share plus a$130 commission. Feb. 9 Purchased 2,500 shares of Lucent at $38 pershare plus a $195 commission. Oct. 12 Purchased 800 shares ofZ-Seven at $8.10 per share plus a $95 commission. Dec. 31 Fairvalue of the short-term investments in trading securities is$133,700. 2018 Apr. 15 Sold 1,000 shares of Ford Motor Co. at $30per share less a $290 commission. July 5 Sold 800 shares of Z-Sevenat $10.75 per share less a $100 commission. July 22 Purchased 1,700shares of Hunt Corp. at $33 per share plus a $225 commission. Aug.19 Purchased 1,900 shares of Donna Karan at $44.00 per share plus a$105 commission. Dec. 31 Fair value of the short-term investmentsin trading securities is $232,225. 2019 Feb. 27 Purchased 3,700shares of HCA at $35 per share plus a $430 commission. Mar. 3 Sold1,700 shares of Hunt at $28 per share less a $125 commission. June21 Sold 2,500 shares of Lucent at $35.75 per share less a $37commission. June 30 Purchased 1,300 shares of Black & Decker at$47.50 per share plus a $595 commission. Nov. 1 Sold 1,900 sharesof Donna Karan at $44.00 per share less a $124 commission. Dec. 31Fair value of the short-term investments in trading securities is$199,900. Required: Prepare journal entries to record theseshort-term investment activities for the years shown. On December31 of each year, prepare the adjusting entry to record anynecessary fair value adjustment for the portfolio of tradingsecurities.