Reference no: EM133920397

Problem

At December 31, Year 8, Poe Corp.'s common stock account is as follows: Common stock ($10 par), 500,000 shares outstanding $5,000,000 At December 31, Year 8, Poe Corp. held the following investments in equity securities: Axe Corp., 1,000 shares, $2.40 convertible preferred stock $40,000 Purl, Inc., 6,000 shares of common stock 60,000 Day Co., 2,000 shares of common stock 55,000 During Year 9, Poe disposed of the following securities: January 18 - sold 2,500 shares of Purl for $13 per share June 1 - sold 500 shares of Day, after a 10% stock dividend was received, for $21 per share October 1 - converted 500 shares of Axe's preferred stock into 1,500 shares of Axe's common stock, when the market price was $60 per share for the preferred stock and $21 per share for the common stock At December 31, Year 9, fair values per share of the securities were as follows: At December 31 Year 9 Year 8 Axe Corp. -- preferred $56 $40 Axe Corp. -- common 20 18 Purl, Inc. -- common 11 10 Day Co. -- common 22 27.50 All of the foregoing stocks are listed on major stock exchanges. Get the instant assignment help. Calculate the amounts pertaining to Poe's current equity securities using the information above.