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At december 31 2007 western trading co owned the following

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Reference no: EM13355646

At December 31, 2007, Western trading Co. owned the following investments in the capital stock of publicly owned companies (all classified as available-for-sale securities).
Supplies, Inc. (4,000 shares: cost $30 per share; market value, $45):

a.Illustrate the presentation of marketable securities in Western's balance sheet at December 31, 2007.

b.In 2008, Western engaged in the following transaction.

Feb. 2 Purchase 2,000 shares from Supplies, Inc. at the same price of $30 per share, plus brokerage commission amount of $300.June 6 Sold 2,500 shares of the supplies Inc. stock at a price of $50 per share, less a brokerage commission of $250. Sept. 25 Sold 1,000 shares of the supplies Inc. stock at a price of $25 per share, less a brokerage commission of $200.Dec. 31 The investment earns $0.50 per share dividend on its 6,000 shares.Prepare the journal entries for the above transactions.

c.At December 31, 2008, the market values of the remaining stocks were $55 per share.Prepare the "mark-to-market" adjusting entry required at December 31, 2008.

Reference no: EM13355646

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