During 2010, Spelling Inc. purchased the following trading securities:
At the beginning of 2010, Spelling had a zero balance in Market Adjustment?Trading Securities.
1. What entry would be made at year-end, assuming the preceding values?
2. What entry would be made during 2011, assuming one-half of the Bizarre Corp. common stock is sold for $17,000?
3. Give the entry that would be made at the end of 2011, assuming the following situations:
(a) The fair value of remaining securities is $50,000.
(b) The fair value of remaining securities is $52,500.
(c) The fair value of remaining securities is$56,000.
This question was answered on: Jul 11, 2017
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