Brooks Co. purchases various investments in trading securities at a cost of $57,000 on December 27, 2017. (This is its first and only purchase of such securities.) At December 31, 2017, these securities had a fair value of $70,000.
Required:
a. Prepare the December 31, 2015, year-end adjusting entry for the trading securities’ portfolio.
b. Explain how each account in the entry of part 1 is reported in financial statements.
c. Prepare the January 3, 2016, entry when Brooks sells a portion of its trading securities (that had originally cost $33,000) for $35,000.
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Brooks Co. purchases various investments in trading securities at a cost of $57,000 on December 27,...
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