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Prepare the general journal entries for huber company

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Reference no: EM132571582

Question - Temporary investments - FV NI

Huber Company has the following securities in its portfolio of temporary investments on December 31, 2011:

 

Cost

Market

5,000 shares of Lest Corp., Common

$160,000

$139,000

10,000 shares of Reap, Common

182,000

185,000

 

$342,000

$324,000

All of the securities had been purchased in 2011. In 2012, Huber completed the following securities transaction:

April 1 Bought 600 shares of Wass, Common @ $50 plus fees of $550.

The Huber Company portfolio of trading equity securities appeared as follows on December 31, 2012:

 

Cost

Market

5,000 shares of Lest Corp. Common

$160,000

$156,000

10,000 shares of Reap, Common

182,000

198,500

600 shares of Wass, Common

30,000

25,500

 

$372,000

$380,000

Instructions - Assuming Huber uses the FV-NI method, prepare the general journal entries for Huber Company for:

(a) the 2011 year-end adjusting entry.

(b) the purchase of the Wass' shares.

(c) the 2012 year-end adjusting entry.

Reference no: EM132571582

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