On March 1 2014 Rain Technology purchased 20 000 shares of
On March 1, 2014, Rain Technology purchased 20,000 shares of Lightyear Services Company for $10 per share. The following information applies to the stock price of Lightyear Services:
Price
12/31/2014 ..... $ 8
12/31/2015 ..... 14
12/31/2016 ..... 17
Required:
1. Prepare journal entries to record the facts in the case, assuming that Rain purchased the shares for the trading securities portfolio.
2. Prepare journal entries to record the facts in the case, assuming that Rain purchased the shares for the available-for-sale securities portfolio.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help