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E17-15B (Equity Investments?Trading) EverOne Corp. has the following securities in its trading portfolio of securities on December 31, 2014. Investments (Trading) Cost Fair Value 1,200 shares of Dora Corp., common $268,500 $271,600 800 shares of Swiper In

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E17-15B (Equity Investments?Trading) EverOne Corp. has the following securities in its trading portfolio of securities on December 31, 2014.;Investments (Trading) Cost Fair Value;1,200 shares of Dora Corp., common $268,500 $271,600;800 shares of Swiper Inc., preferred 199,600 209,400;2,500 shares of Boots and Boots, preferred 100,000 105,600;$568,100 $586,600;All of the securities were purchased in 2014.;In 2015, EverOne completed the following securities transactions.;May 1 Sold 500 shares of Swiper Inc., preferred, @ $230 less fees of $2,650.;Oct. 21 Sold the balance of Swiper Inc., preferred, @ $220 plus fees of $3,230.;EverOne Corp.?s portfolio of trading securities appeared as follows on December 31, 2013.;Investments (Trading) Cost Fair Value;1,200 shares of Dora Corp., common $268,500 $272,000;2,500 shares of Boots and Boots, preferred 100,000 103,900;$368,500 $375,900;Instructions;Prepare the general journal entries for EverOne Corp. for;(a) The 2014 adjusting entry.;(b) The May sale of the Swiper stock.;(c) The October sale of the Swiper stock.;(d) The 2015 adjusting entry for the trading portfolio.

 

Paper#78452 | Written in 18-Jul-2015

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