Question

On June 30, 2015 a county (government) hospital bought 3,000 shares of stock for $94,000 intending to hold the investment for its proposed expansion of its trauma center. The market value of the stock on August 31, 2015, the hospital’s fiscal year end, was $102,000. When the trauma center expansion was approved by the county district in February 2016, the hospital liquidated the stock for $90,000.
1. Journalize all the transactions related to the investment.
2. Assuming instead that this was a private not-for-profit hospital, how would these journal entries differ?



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  • CreatedAugust 13, 2014
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