Swanson Company has the following trading investment portfolio on December 31, 2015.

All of the investments were purchased in 2015. In 2016, Swanson completed the following investment transactions.

Swanson Company’s portfolio of trading investments appeared as follows on December 31, 2016.

Instructions Prepare the general journal entries for Swanson Company for:

(a) The 2015 adjusting entry.

(b) The sale of the Parker shares.

(c) The purchase of the McDowell shares.

(d) The 2016 adjusting entry for the trading portfolio.

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Investments (Trading) 1,500 ordinary shares of Parker, Inc. 5,000 ordinary shares of Beilman Corp. 400 preference shares of Duncan, Inc. Cost 71,500 180,000 60,000 311,500 Fair Value 69,000 175,000 61,600 305,600