On March 1 2014 HiTech Industries purchased 10 000 common shares
On March 1, 2014, HiTech Industries purchased 10,000 common shares of Integrated Services Company for $ 20 per share. The following information applies to Integrated’s price per share:
Date Price
31/ 12/ 2014 ....... $ 17
31/ 12/ 2015 ....... 24
31/ 12/ 2016 ....... 31
Required:
1. Prepare journal entries to record the facts in the case, assuming that HiTech purchased the shares for the portfolio of securities held for trading.
2. Prepare journal entries to record the facts in the case, assuming that HiTech purchased the shares as an investment available for sale.
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