Prepare year-end journal entry to record unrealized gain

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Reference no: EM131891376

Problem

On July 1, 2016, Wolfpack Corporation purchased securities which it intends to buy and sell frequently. These securities consisted of (a) Todd Corporation 10%, 5-year bonds with a face value of $20,000 which were purchased for $18,500 and (b) 300 shares of Cornett Company common stock which were purchased at $40 per share. Assume that on December 31, 2016, the investment in Todd Corporation bonds has a market value of $22,300, and the investment in Cornett Company stock has a market value of $10,500.

Required:

Prepare the year-end journal entry to record the unrealized gain or loss.

Reference no: EM131891376

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