Homework Answers
| Date | General journal | Debit | Credit |
| Apr 1, 2019 | Investment in Trading securities | 206,000 | |
| cash | 206,000 | ||
| (To record Purchase of Trading securities.) (Per share price = 206000/2000=103) | |||
| July 1 | Cash | 2,500 | |
| Dividend income | 2,500 | ||
| (To record dividend income on Trading securities.) ((2000*5)*1/4) | |||
| July 1 | Cash | 57,500 | |
| Realized gain on trading securities (57500-51500) | 6,000 | ||
| Investment in Trading securities (500*103) | 51,500 | ||
| (To record sale of Trading securities.) (Share available = 2000-500=1500) | |||
| Oct 1 | Cash | 1,875 | |
| Dividend income | 1,875 | ||
| (To record dividend income on Trading securities.) ((1500*5)*1/4) | |||
| Nov 22 | Dividend receivable | 1,875 | |
| Dividend income | 1,875 | ||
| (To record dividend income.) ((1500*5)*1/4) | |||
| Dec 31 | Fair value adjustment (1500*13) | 19,500 | |
| Unrealized gain on trading securities (part of net income) | 19,500 | ||
| (To record Fair value adjustment for Trading securities.) Increase in value= 116-103 = 13 | |||
| Jan 1, 2020 | Cash | 1,875 | |
| Dividend receivable | 1,875 | ||
| (To record dividend received.) | |||
| Jan 31 | Cash (700*92) | 64,400 | |
| Realized loss on trading securities (700*(116-92)) | 16,800 | ||
| Fair value adjustment (700*13) | 9,100 | ||
| Investment in Trading securities (700*103) | 72,100 | ||
| (To record sale of Trading securities.) (Share available = 1500-700=800) | |||
| Feb 15 | Cash (500*118) | 59,000 | |
| Realized gain on trading securities (500*(118-116)) | 1,000 | ||
| Fair value adjustment (500*13) | 6,500 | ||
| Investment in Trading securities (500*103) | 51,500 | ||
| (To record sale of Trading securities.) (Share available = 800-500=300) |
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