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1 2 Griffin Inc. 3 Luck Company 4 Wilson Company 5 Total Issuing Company Cost $26,200.00 32,760.00 30,240.00 $89,200.00 Fair Value $28,820.00 28,980.00 27,720.00 $85.520.00

1 2 Griffin Inc. 3 Luck Company 4 Wilson Company 5 Total Issuing Company Cost $26,200.00 32,760.00 30,240.00 $89,200.00 Fair Value $28,820.00 28,980.00 27,720.00 $85.520.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Instructions 1 2 Griffin Inc. 3 Luck Company 4 Wilson Company 5 S4 F4 Total On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $25,655. R LL Q Search Required: Journalize the entries to record the following: a. The adjusting entry for the portfolio of trading securities on December 31, 20Y3.* b. The May 10, 20Y4, purchase of Carroll Inc. securities. c. The adjusting entry for the portfolio of trading securities on December 31, 20Y4. Assume that except for the purchase of Carroll Inc. securities there were no other transactions involving trading securities in 20Y4. In addition, assume that the fair value of the с Issuing Company F5 % 5 F6 6 T Y G H F7 & N 7 U F8 J * Cost 8 $26,200.00 32,760.00 30,240.00 $89,200.00 F9 L L Lie 09 ( 9 K F10 - Fair Value 0 $28,820.00 28,980.00 27,720.00 $85,520.00 F11 L P F12 ; PrtSc + 11 C Inse
Transcribed Image Text:Instructions 1 2 Griffin Inc. 3 Luck Company 4 Wilson Company 5 S4 F4 Total On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $25,655. R LL Q Search Required: Journalize the entries to record the following: a. The adjusting entry for the portfolio of trading securities on December 31, 20Y3.* b. The May 10, 20Y4, purchase of Carroll Inc. securities. c. The adjusting entry for the portfolio of trading securities on December 31, 20Y4. Assume that except for the purchase of Carroll Inc. securities there were no other transactions involving trading securities in 20Y4. In addition, assume that the fair value of the с Issuing Company F5 % 5 F6 6 T Y G H F7 & N 7 U F8 J * Cost 8 $26,200.00 32,760.00 30,240.00 $89,200.00 F9 L L Lie 09 ( 9 K F10 - Fair Value 0 $28,820.00 28,980.00 27,720.00 $85,520.00 F11 L P F12 ; PrtSc + 11 C Inse
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