Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 31 Jul 2017 My Price 7.00

National Bank

The investment manager of 4th National Bank invests some of the bank’s financial resources in trading securities. During the last quarter of 2007 the following transactions occurred in regard to these trading securities:
Nov. 5 Purchased 200 shares of M Company common stock at $86 per share
Nov. 19 Purchased 300 shares of P Company preferred stock at $63 per share
Nov. 29 Sold 100 shares of M Company common stock at $89 per share
Dec. 15 Purchased 400 shares of T Company common stock at $37 per share
Dec. 17 Sold 100 shares of P Company preferred stock at $62 per share
On December 31, 2007 the market values of the shares were as follows: M, $87 per share; P, $61 per share; and T, $37.25 per share. The bank held no trading securities at the beginning of the last quarter of 2007.

Required
1. Prepare journal entries to record the preceding information.
2. Show what the bank reports on its fourth quarter 2007 income statement for these trading securities.
3. Show how the bank reports these trading securities on its December 31, 2007 balance sheet

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 11:07 AM My Price 7.00

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