Question

Swanson Company has the following trading investment portfolio on December 31, 2010.


All of the investments were purchased in 2010. In 2011, Swanson completed the following investment transactions.
March 1 Sold the 1,500 ordinary shares of Parker, Inc., @ £45 less fees of £1,200.
April 1 Bought 700 ordinary shares of McDowell Corp., @ £75 plus fees of £1,300.
Swanson Company’s portfolio of trading investments appeared as follows on December 31, 2011.


Instructions
Prepare the general journal entries for Swanson Company for:
(a) The 2010 adjusting entry.
(b) The sale of the Parker shares.
(c) The purchase of the McDowell shares.
(d) The 2011 adjusting entry for the tradingportfolio.


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  • CreatedJune 17, 2013
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