Tamarisk Company has the following portfolio of investment securities at September 30, 2017, its last reporting date. Trading Securities Horton, Inc. common (5,230 shares) Monty, Inc. preferred (3,790 shares) Oakwood Corp. common (1,070 shares) Cost $214,430 144,020 192,600 Fair Value $198,730 151,300 191,640 On October 10, 2017, the Horton shares were sold at a price of $56 per share. In addition, 3,080 shares of Patriot common stock were acquired at $58 per share on November 2, 2017. The December 31, 2017, fair values were Monty $119,050, Patriot $144,710, and the Oakwood $206,610.

Tamarisk Company has the following portfolio of investment securities at September 30, 2017, its last reporting date. Trading Securities Horton, Inc. common (5,230 shares) Monty, Inc. preferred (3,790 shares) Oakwood Corp. common (1,070 shares) Cost $214,430 144,020 192,600 Fair Value $198,730 151,300 191,640 On October 10, 2017, the Horton shares were sold at a price of $56 per share. In addition, 3,080 shares of Patriot common stock were acquired at $58 per share on November 2, 2017. The December 31, 2017, fair values were Monty $119,050, Patriot $144,710, and the Oakwood $206,610.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 28E

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