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Prepare the journal entry to record Paddy sale

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Question - Paddy's Pub owns 4,000 shares of Ford Motor Company which they paid $14 per share for on March 2011. On Dec. 31 2011 (the day Paddy's closes their reporting period for 2011) Ford Motor Company shares had a closing price of $18 per share. On February 3, 2012, Paddy's Pub sold their shares of Ford Motor Company for $28 per share. Prepare the journal entry to record Paddy's sale of the Ford Motor Company shares on 2/3/2012. Assume this investment is treated as trading securities.

Reference no: EM132879714

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