Transcribed Image Text: Pacers Corp. Has the following portfolio of investment securities at September 30, 2018: Trading Securities Cost Fair Value

Excerpt
Tigres $132,000, and Tim $193,000. All of the securities are classified as trading. wwwv Required: a)Prepare the journal entries to record the sale, purchase, and adiusting entries relating to the trading securities in the last quarter of 2018 and post the entries to ledger accounts.

Transcribed Image Text: Pacers Corp. Has the following portfolio of investment securities at September 30, 2018:
Trading Securities
Cost
Fair Value
Fogel Inc., common(5000 shares)
$225,000
$200,000
Petra Inc., preferred(3,500 shares)
Tim Corp., common(1,000 shares)
133,000
140,000
180,000
179,000
On October 10, 2018, the Fogel shares were sold at a price of $54 per share. In addition,
3,000 shares of Tigres common stock were purchased at $59.50 per share on November
2, 2018. The December 31, 2018 fair values were: Petra $96,000; Tigres $132,000, and
Tim $193,000. All of the securities are classified as trading.
wwwv
Required:
a)Prepare the journal entries to record the sale, purchase, and adiusting entries relating
to the trading securities in the last quarter of 2018 and post the entries to ledger
accounts.

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer