(Answered) Question - shaw corp a very successful and wealthy company

Accounting

Question - Shaw Corp, a very successful and wealthy company, had the following investments at December 31, 2014:

Securities Cost Fair Value

4000 Shares of Mojo Corporation Common Stock $50,000 $58,000

1000 Shares of Pizza Plaza, Inc. 35,000 32,000

$85,000 $90,000

1. Prepare the adjusting entry for 2014 assuming the securities are classified as trading.

2. Prepare the adjusting entry for 2014 assuming the securities are classified as available for sale.

3. Explain the effect on the financial statements for 2014 given each classification.

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