On March 10, 2011, Patton, Inc., purchased 10,000 shares of Eisenhower stock for $48 per share. Management
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On March 10, 2011, Patton, Inc., purchased 10,000 shares of Eisenhower stock for $48 per share. Management recorded it in the securities available for sale portfolio. The following information pertains to the price per share of Eisenhower stock:
Price
12/31/2011 .... $49
12/31/2012 ... 35
12/31/2013 ... 37
Patton sold all of the Eisenhower stock on September 12, 2014, at a price of $33 per share. Prepare any journal entries that are required by the facts presented in this case.
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