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E17-7B (Trading Securities Entries) On December 31, 2014, InterSteel Inc. provided you with the following information regarding its trading securities. December 31, 2014 Investments (Trading) Cost Fair Value JAK Inc. stock $ 40,000 $ 46,000 Kibby Co. stoc

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E17-7B (Trading Securities Entries) On December 31, 2014, InterSteel Inc. provided you with the following information regarding its trading securities.;December 31, 2014;Investments (Trading) Cost Fair Value;JAK Inc. stock $ 40,000 $ 46,000;Kibby Co. stock 101,000 99,500;Lorton Corp. stock 31,000 34,500;Total of portfolio $172,000 $180,000;All of the securities were purchased during 2014.;During 2015, InterSteel sold its Lorton Corp. stock for $33,200. The fair value of the stock on December 31, 2015, was: JAK Inc. stock?$47,600, Kibby Co. stock?$95,400.;Instructions;(a) Prepare the adjusting journal entry needed on December 31, 2014.;(b) Prepare the journal entry to record the sale of the Lorton Corp. stock during 2015.;(c) Prepare the adjusting journal entry needed on December 31, 2015

 

Paper#78460 | Written in 18-Jul-2015

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