Prepare the journal entry needed to record the partial sale of the available- for- sale investment acquired in BE16- 4. Assume that Turner sold 12,800 of the Fenwick shares for $ 47 per share in 2015 and the fair value of the remaining shares is $ 41 per share on December 31, 2015.
In BE16-4
Turner Tires, Inc. acquired 40,000 shares of Fenwick Corporation stock at a price of $ 35 per share during 2014. Turner classified the transaction as an available- for- sale investment. The market value of the shares at December 31, 2014, is $ 41 per share. Prepare the journal entries required on the date of acquisition and at the end of the year.