Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations....

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Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portfolio on December 31, 20Y3, are as follows: 1 Issuing Company Cost Fair Value 2 Griffin Inc. $40,000.00 $44,800.00 3 Luck Company 4 Wilson Company 37,500.00 33,750.00 40,000.00 37,000.00 5 Total $117,500.00 $115,550.00 On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $34,900. Required: Journalize the entries to record the following Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portfolio on December 31, 20Y3, are as follows: 1 Issuing Company Cost Fair Value 2 Griffin Inc. $40,000.00 $44,800.00 3 Luck Company 4 Wilson Company 37,500.00 33,750.00 40,000.00 37,000.00 5 Total $117,500.00 $115,550.00 On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $34,900. Required: Journalize the entries to record the following

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Answer To journalize the entries for the transactions described we will first record the pur... View the full answer