I need help with the journal entry for dec 31.
thanks
Homework Answers
| Dec. 31 | Unrealized loss on held for trading investments | 1480 | |
| Held for trading investments | 1480 |
Note: The fair value adjustment account may also be used in place of the held for trading investments account.
Working:
| Cost | Market Price | Unrealized gain (loss) | ||||
| Trading Investment | Number of Shares | Per share $ | Total $ | Per share $ | Total $ | |
| CBF | 450 | 58 | 26100 | 53 | 23850 | |
| (660 - 210) | ($38280/660) | |||||
| RSD | 770 | 27 | 20790 | 28 | 21560 | |
| ($20790/770) | ||||||
| Total $ | 46890 | 45410 | -1480 | |||
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