Last Unguaranteed Financial Inc. purchased the following trading securities during Year 1, its first year of operations: Name Number of Shares Cost Arden Enterprises Inc. 5,000 $150,000 French Broad Industries Inc. 2,750 66,000 Pisgah Construction Inc. 1,600 104,000 Total $320,000 The market price per share for the trading security portfolio on December 31, Year 1, was as follows: Market Price per Share, Dec. 31, Year 1 Arden Enterprises Inc. $34 French Broad Industries Inc. 26 Pisgah Construction Inc. 60 a. Provide the journal entry to adjust the trading security portfolio to fair value on December 31, Year 1. If no entry is required, select "no entry required" and leave the amount box blank.
Last Unguaranteed Financial Inc. purchased the following trading securities during Year 1, its first year of operations: Name Number of Shares Cost Arden Enterprises Inc. 5,000 $150,000 French Broad Industries Inc. 2,750 66,000 Pisgah Construction Inc. 1,600 104,000 Total $320,000 The market price per share for the trading security portfolio on December 31, Year 1, was as follows: Market Price per Share, Dec. 31, Year 1 Arden Enterprises Inc. $34 French Broad Industries Inc. 26 Pisgah Construction Inc. 60 a. Provide the journal entry to adjust the trading security portfolio to fair value on December 31, Year 1. If no entry is required, select "no entry required" and leave the amount box blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Last Unguaranteed Financial Inc. purchased the following trading securities during Year 1, its first year of operations:
| Name | Number of Shares | Cost | |||
| Arden Enterprises Inc. | 5,000 | $150,000 | |||
| French Broad Industries Inc. | 2,750 | 66,000 | |||
| Pisgah Construction Inc. | 1,600 | 104,000 | |||
| Total | $320,000 |
The market price per share for the trading security portfolio on December 31, Year 1, was as follows:
| Market Price per Share, | ||
| Dec. 31, Year 1 | ||
| Arden Enterprises Inc. | $34 | |
| French Broad Industries Inc. | 26 | |
| Pisgah Construction Inc. | 60 |
a. Provide the
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