Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows:   1 Name Number of Shares Total Cost Total Fair Value 2 Griffin Inc. 1,450.00 $29,000.00 $31,900.00 3 Luck Company 1,300.00 35,100.00 28,600.00 4 Wilson Company 860.00 30,960.00 26,660.00 5 Total   $95,060.00 $87,160.00       On May 10, Year 2, Gruden Bancorp Inc. purchased 930 shares of Carroll Inc. at $25 per share plus a $170 brokerage commission. Required: A.  Provide the journal entry to record the adjustment of the trading security portfolio to fair value on December 31, Year 1.* B.  Provide the journal entry to record the May 10, Year 2, purchase of Carroll Inc. stock.*   *Refer to the Chart of Accounts for exact wording of account titles

Q2. The following transactions involving marketable securities investments of Kappa Co., occurred during 2022; a) On Feb. 14, purchased Alfa's 90-day bonds, paying cash of $170,000 (par value $170,000), issue date Feb. 14, that pay 9% interest. b) On March 21, purchased 850 shares of Beta Co. at $21 per share, in cash. c) On May 14, collected the principal and 90-days' interest on the bonds purchased in transaction a. d) On Aug. 1, paid $70,000 cash to Gama Co.'s 12% bonds (par value $70,000), issue date July 31, 2022, and retires January 31, 2023. e) On Sept. 1, Beta Co. declared a $1.80 per share cash dividend on shares payable on Oct.31. f) On Oct. 7, sold 425 shares of Beta Co. and collected totally $10,625. g) On Oct. 31, collected Gama Co.'s 90-days' interest and Beta Co.'s dividends. Required: Prepare the journal entries and post to necessary ledger accounts.

Journal entries for trading investments Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portfolio on December 31, 20Y3, are as follows: Issuing Company Cost Fair Value Griffin Inc. $14,070 $13,230 Luck Company 22,960 21,350 Wilson Company 9,300 9,490 Total $46,330 $44,070 On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $15,610. Journalize the entries to record the following: If an amount box does not require an entry, leave it blank. a. The adjusting entry for the portfolio of trading securities on December 31, 20Y3. 20Y3, Dec. 31 b. The May 10, 20Y4, purchase of Carroll Inc. securities. 20Y4, May 10 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…

Several expenditures are listed below. Indicate whether or not each expenditure would be included in the cost of acquisition for each item below. The answer box provides two options, Yes (if the expenditure would be included ) or No, (if the expenditure would not be included.) Cost testing materials and labor in testing a purchased machine Yes before use Compensation for injury to No construction worker Cost of overhaul to a used Yes machine purchased before initial use Cost of tearing down a building Yes on newly acquired land Repairs to a new machine Yes damaged while moving it into > > > > >

nit.9

Subject: accounting

Balance Sheet Presentation of Available-for-Sale Investments During Year 1, its first year of operations, Galileo Company purchased two available-for-sale investments as follows: Security Shares Purchased Cost Hawking Inc. 860   $43,602   Pavlov Co. 2,330   61,512   Assume that as of December 31, Year 1, the Hawking Inc. stock had a market value of $60 per share and the Pavlov Co. stock had a market value of $48 per share. Galileo Company had net income of $337,400 and paid no dividends for the year ending December 31, Year 1. All of the available-for-sale investments are classified as current assets.   a.  Prepare the Current Assets section of the balance sheet presentation for the available-for-sale investments. Galileo Company Balance Sheet (selected items) December 31, Year 1 Assets     Current Assets:       $fill in the blank 6f30cb02405dfbc_2   Plus Unrealized Gain (Loss) on Available-for-Sale Investments  fill in the blank 6f30cb02405dfbc_4 $fill…

Sandhill Storage Products purchased 11600 shares of its own $0.75 par value common stock at a cost of $8 per share. The stock was originally issued at $7 per share. Which of the following is part of the journal entry to record the purchase? Credit Common Stock for $92800. O Debit Treasury Stock for $8700. Debit Treasury Stock for $92800. O Credit Common Stock for $8700.

Under US GAAP ABC Company has provided the following information related to its investment in marketable equity securities: MARKETABLE VALUES COST. YEAR 2 YEAR 1 Trading $150,000. $155,000. $100,000 Available for sale $150,000. 130,000. $120,000 Based on the above information provided, what amount should ABC Company report in earnings Year 2?

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