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On December 21, 2012, Zurich Company gave you with the given information regarding its trading securities.

December 31, 2012
Investments (Trading) Cost Fair Value Unrealized Gain (Loss)
Stargate Corp. stock $20,520 $19,520 $(1,000 )
Carolina Co. stock 12,270 11,270 (1,000 )
Vectorman Co. stock 20,520 21,150 630 
Total of portfolio $53,310 $51,940 (1,370 )
Previous fair value adjustment balance 0 
Fair value adjustment-Cr. $(1,370 )

During 2013, Carolina Company stock was sold for $11,830. The fair value of the stock on December 31, 2013, was: Stargate Corp. stock-$19,900; Vectorman Co. stock-$20,990.

a) Make the adjusting journal entry required on December 31, 2012.

b) Make the journal entry to record the sale of the Carolina Company stock during 2013.

c) Make the adjusting journal entry required on December 31, 2013.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M915903

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