On March 1, 2017, HiTech Industries purchased 10,000 common shares of Integrated Services Company for $20 per

Question:

On March 1, 2017, HiTech Industries purchased 10,000 common shares of Integrated Services Company for $20 per share. The following information applies to integrated's price per share:

Required

1. Prepare journal entries to record the facts in the case, assuming that HiTech purchased the shares for the portfolio of securities held for trading.2. Prepare journal entries to record the facts in the case, assuming that HiTech purchased the shares as an investment available for sale.

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...