Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and...
60.1K
Verified Solution
Link Copied!
Question
Accounting
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 Number of Name Total Cost Total Fair Value Shares 7 Griffin Inc 1.460.00 $29,200.00 $32.120.00 1.200,00 3 Luck Company + Wilson Company 30,000.00 26400.00 850,00 30,600,00 26,550,00 5 Total $89,800.00 $84,870.00 On May 10. Year 2. Gruden Bancorp Inc. purchased 990 shares of Carroll Inc. at $26 per share plus a $130 brokerage commission Required: A Provide the journal entry to record the adjustment of the trading security portfolio to fair value on December 31, Year 1." B. Provide the journal entry to record the May 10, Year 2. purchase of Carroll Inc stock
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.