What are the journal entries for the following1 fair market, Ask an Expert

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What are the journal entries for the following?

1. Fair market values on September 30, 2016, were $22 per share for Fabulous, Company and $21 per share for Wait and See Company. A detailed analysis of the futures contract concluded the difference in the pay and receive was the fair value of the contract.

2. On November 28, 2016, Wait and See Company announced a new market entry, and its stock soared to $38 per share. You, Inc. sold its holdings again being charged 2.0% commission.

3. On December 5, 2016, You, Inc. placed a buy order for 15,000 shares of Long Shot, Inc. at $16 per share for speculative purposes. You also placed and order for 20,000 shares of Sure Bet Company at $10 per share to be held in its long-term portfolio. As always, You paid a 2% commission on these purchases.

4. Fabulous Company paid a dividend of $0.45 per share on December 20, 2016.

5. You, Inc. paid its portfolio manager a $25,000 management fee on December 28, 2016.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92046855

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