Question

Jets Bancorp Inc. purchased a portfolio of trading securities during 2014. The cost an fair value of this portfolio on December 31, 2014, was as follows:

.:.
On May 10, 2015, Jets Bancorp Inc. purchased 1,000 shares of Giants Inc. at $24 per share plus a $150 brokerage fee.
Provide the journal entries to record the following:
a. The adjustment of the trading security portfolio to fair value on December 31, 2014.
b. The May 10, 2015, purchase of Giants Inc. stock.



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  • CreatedFebruary 28, 2014
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