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Record the transactions using the fair value through profit

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Question

During 2018, Oak Ridge Financial Corporation had the following held for trading investment transactions:

Feb.1 Purchased 670 CBF common shares for $42,210.

Mar.1 Purchased 850 RSD common shares for $24,650.

Apr.1 Purchased 7% MRT bonds at face value, for $62,200. Interest is received semi-annually on April 1 and October 1.

July 1 Received a cash dividend of $3 per share on the CBF common shares.

Aug.1 Sold 190 CBF common shares at $62 per share.

Sept.1 Received a cash dividend of $1.60 per share on the RSD common shares.

Oct.1 Received the semi-annual interest on the MRT bonds.

1 Sold the MRT bonds for $64,000.

Dec.31 The market prices of the CBF and RSD common shares were $59 and $31 per share, respectively.

Record the above transactions, including any required adjusting entries, using the fair value through profit or loss model.

Reference no: EM132354265

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