Question: On September 15 2014 MultiMedia Corporation purchased 10 000 common shares

On September 15, 2014, MultiMedia Corporation purchased 10,000 common shares of Community Broadcasting Company for $ 32 per share. The following information applies to Community Broadcasting’s price per share:
Date Price
31/ 12/ 2014 .........$ 34
31/ 12/ 2015 ..........24
31/ 12/ 2016 ..........21
Required:
1. Prepare journal entries to record the facts in the case, assuming that MultiMedia purchased the shares for the portfolio of securities held for trading.
2. Prepare journal entries to record the facts in the case, assuming that MultiMedia purchased the shares as an investment available for sale.

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  • CreatedAugust 04, 2015
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