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Ryder Company, which began operations in 2011, invests its idle cash in trading securities. The following transactions are from its short-term investments in its trading securities. 2011 Jan. 20 Purchased 800 shares of Ford Motor Co. at $27 per share plus a $120 commission. Feb. 9 Purchased 2,700 shares of Lucent at $30 per share plus a $190 commission. Oct. 12 Purchased 720 shares of Z-Seven at $7.60 per share plus a $95 commission. 2012 Apr. 15 Sold 800 shares of Ford Motor Co. at $30 per share less a $295 commission. July 5 Sold 720 shares of Z-Seven at $11.00 per share less a $95 commission. July 22 Purchased 1,800 shares of Hunt Corp. at $32 per share plus a $225 commission. Aug. 19 Purchased 1,600 shares of Donna Karan at $14 per share plus a $105 commission. 2013 Feb. 27 Purchased 3,800 shares of HCA at $37 per share plus a $440 commission. Mar. 3 Sold 1,800 shares of Hunt at $27 per share less a $125 commission. June 21 Sold 2,700 shares of Lucent at $27.75 per share less a $32 commission. June 30 Purchased 1,400 shares of Black & Decker at $47.50 per share plus a $595 commission. Nov. 1 Sold 1,600 shares of Donna Karan at $23.20 per share less a $124 commission. 1.Prepare journal entries to record these short-term investment activities for the years shown. (Ignore any year-end adjusting entries.)
2. On December 31, 2013, prepare the adjusting entry to record any necessary fair value adjustment for the portfolio of trading securities when HCA's share price is $39 and Black & Decker's share price is $43.5. (Assume the Fair Value Adjustment-Trading account had an unadjusted balance of zero.)
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