Irving Inc.€™s non-strategic investment portfolio at December 31, 2013, consisted of the following:

Irving Inc. had no other debt and equity investments at December 31, 2013, other than those shown above. During 2014, Irving engaged in the following transactions:

Required
1. Calculate the total unrealized holding gain (loss) that was recorded on December 31, 2013.
2. Journalize the 2014 transactions as detailedabove.

Transcribed Image Text:

Debt and Equity Investments* Cost Fair Value $145,000 118,900 261,000 18,000 Olds Inc. common shares... 45,000 Wyeth Corp. common shares.... 124,200 265,500 Feb. June 2014 2 27 Sold 45,000 of the Cumber Corporation shares for $2.48 per share. Purchased 280,000 common shares of Kestler Corp. for $540,000. The shares represent a 38% ownership in Kestler Corp. 30 Received dividends of $0.45 per share from Kestler Corp. July Sold the remaining Cumber Corporation shares for $14,680. Purchased a 15% ownership in Amber Corp. by acquiring 45,000 common shares at $14.50 per share. Irving Inc. plans to sell these shares in six to nine months Sold 25,000 shares of Wyeth Corp. for 55.40 per share. Kestler Corp. announced a net loss of $40,000 for the year. 3 7 Dec. 30 31