In February 2012, Packard Corporation purchased the following securities. Prior to these purchases, Packard had no portfolio

Question:

In February 2012, Packard purchased the following securities. Prior to these purchases, Packard had no of investment securities.

Classification Type Security Cost Trading Trading Available-for-sale Available-for-sale Debt Equity Equity Debt S11,500

During 2012, Packard received $2,400 in interest and $1,800 in dividends. On December 31,
2012, Packard€™s portfolio of securities had the following market values:
Security Fair Market Value
1 $12,000
2 8,750
3 7,500
4 12,500
Prepare the journal entries required to record each of thesetransactions.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... 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...