Data for Cantech's trading investment transactions in 2011 were presented in P12-4B. The following data relate to

Question:

Data for Cantech's trading investment transactions in 2011 were presented in P12-4B. The following data relate to trading investment activity during 2012:
1. Sold all of the Haley common shares for $39 a share.
2. The market price of the Melinda common shares at December 31, 2012, was $41 per share.
Instructions
(a) Record the sale of the Haley common shares and any adjusting entries required at year end.
(b) Show how the investments would be presented on the statement of financial position at December 31, 2012.
(c) Determine the balance in each of the income statement accounts that are affected in the transactions above and indicate how they would be presented on the income statement for the year ended December 31, 2012.
(d) How would your answers to (b) and (c) change if the fair values of the securities in the could not be obtained?
Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...