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Zurich Company _trading securities




Question;On December 21, 2012, Zurich Company provided you;with the following information regarding its trading securities.;December 31, 2012;Investments (Trading);Cost;Fair Value;Unrealized Gain (Loss);Stargate Corp. stock;$20,320;$19,320;$(1,000;Carolina Co. stock;10,940;9,940;(1,000;Vectorman Co. stock;20,320;21,010;690;Total of portfolio;$51,580;$50,270;(1,310;Previous fair value adjustment balance;0;Fair value adjustment?Cr.;$(1,310;During 2013, Carolina Company stock was sold for;$10,490. The fair value of the stock on December 31, 2013, was: Stargate Corp.;stock?$19,600, Vectorman Co. stock?$20,830.;(a);Prepare the adjusting journal entry needed on December 31, 2012.;(b);Prepare the journal entry to record the sale of the Carolina Company;stock during 2013.;(c);Prepare the adjusting journal entry needed on December 31, 2013.


Paper#37305 | Written in 18-Jul-2015

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