financial accounting

Project Description:

.during the fourth quarter of 2008, the operations of norris carpet center generated excess cash, which the company invested in securities, as follows:

dec. 10 purchased 2,000 shares of common stock as a trading investment, paying $15 per share.
dec. 17 received cash dividend of $.60 per share on the trading investment.
dec. 31 adjusted the trading investment to its market value of $34,000.

a) prepare t accounts for cash (beginning balance $85,000), short term investment, dividend revenue and unrealized gain on investment (or unrealized loss on investment)
b) journalize the foregoing transactions and post to the t accounts.
c) show how to report the short term investment on norris’s balance sheet at december 31.
d) show how to report whatever should appear on norris’s income statement.

e) on january 6, 2009, norris sold the trading investment for $29,000. journalize the sale.
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