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On December 21, 2012, Zurich Company provided you with the following information regarding its trading securities.
During 2013, Carolina Company stock was sold for $10,490. The fair value of the stock on December 31, 2013, was: Stargate Corp. stock-$19,600; Vectorman Co. stock-$20,830.
(a) Prepare the adjusting journal entry needed on December 31, 2012.
(b) Prepare the journal entry to record the sale of the Carolina Company stock during 2013.
(c) Prepare the adjusting journal entry needed on December 31, 2013.
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