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Kirkland Company had no trading debt securities prior to this year. It had the following...

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Accounting

Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities.
August 2 Purchased Verizon bonds for $50,000.
September 7 Purchased Apple bonds for $75,000.
September 12 Purchased Mastercard bonds for $60,000.
October 21 Sold some of its Verizon bonds that had cost $4,000 for $4,100 cash.
October 23 Sold some of its Apple bonds that had cost $55,000 for $55,400 cash.
November 1 Purchased Walmart bonds for $80,000.
December 10 Sold all of its Mastercard bonds for $58,000 cash.
Required:
Prepare journal entries to record these transactions.
Prepare a table to compare the year-end cost and fair values of its trading debt securities. Year-end fair values: Verizon, $48,500; Apple, $42,000; and Walmart, $59,000.
Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt securities.
Complete this question by entering your answers in the tabs below.
Required 3
Prepare journal entries to record these transactions.
Journal entry worksheet
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