Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 3 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 31 Jul 2017 My Price 8.00

McElroy Company

McElroy Company has the following portfolio of investment securities at September 30, 2012, its last reporting date.


On October 10, 2012, the Horton shares were sold at a price of $54 per share. In addition, 3,000 shares of Patriot common stock were acquired at $54.50 per share on November 2, 2012. The December 31, 2012, fair values were: Monty $106,000, Patriot $132,000, and the Oakwood common $193,000. All the securities are classified as trading.
Instructions
(a) Prepare the journal entries to record the sale, purchase, and adjusting entries related to the trading securities in the last quarter of 2012.
(b) How would the entries in part (a) change if the securities were classified asavailable-for-sale?

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 06:07 PM My Price 8.00

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