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Prepare the adjusting journal entry needed on december

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Question - On December 31, 2017, Metal Works Inc. provided you with the following information regarding its trading securities.

December 31, 2017

Investments (Trading) Cost Fair Value SKN Inc. stock $ 40,000 $ 46,000

Derby Co. stock 101,000 99,500

Linton Corp. stock 31,000 34,500

Total of portfolio $172,000 $ 180,000

All of the securities were purchased during 2017.

During 2018, Metal Works sold its Linton Corp. stock for $33,200. The fair value of the stock on December 31, 2018, was: SKN Inc. stock-$47,600; Derby Co. stock-$95,400.

Required -

(a) Prepare the adjusting journal entry needed on December 31, 2017.

(b) Prepare the journal entry to record the sale of the Linton Corp. stock during 2018.

(c) Prepare the adjusting journal entry needed on December 31, 2018.

Reference no: EM132529498

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