Business, 23.12.2021 15:40 ilovecatsomuchlolol

On December 31, 2016, Bly Associates owned the following securities, held as long-term investments. Common Stock Shares Cost
Woolridge Co. 4,000 $100,000
Coria Co. 5,000 30,000
Sterling Motors Co. 3,000 60,000

On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees (we own less than 20%). In 2017, the following transactions occurred.

July 1 Received $1 per share semiannual cash dividend on Coria Co. common stock.
Aug. 1 Received $0.50 per share cash dividend on Woolridge Co. common stock.
Sept. 1 Sold 1,500 shares of Coria Co. common stock for cash at $7 per share.
Oct. 1 Sold 600 shares of Woolridge Co. common stock for cash at $30 per share.
Nov. 1 Received $1 per share cash dividend on Sterling Motor Co. common stock.
Dec. 15 Received $0.50 per share cash dividend on Woolridge Co. common stock.
31 Received $1 per share semiannual cash dividend on Coria Co. common stock.

At December 31, the fair values per share of the common stocks were Woolridge Co. $23, Coria Co. $7, and Sterling Motors Co. $19.

Requried:
a. Journalize the 2017 transactions and post to the account Stock Investments.
b. Prepare the adjusting entry at December 31, 2017, to show the securities at fair value. The stock should be classified as trading securities.
c. Show the balance sheet presentation of the investment-related accounts at December 31, 2017.

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On December 31, 2016, Bly Associates owned the following securities, held as long-term investments....

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