Pool Corporation inc. is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume Pool

Question:

Pool Corporation inc. is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume Pool Corporation purchased for cash 400,000 shares of The Walt Disney Company on November 21, 2014, at $88 per share as an investment. The following information applies to the stock price of Disney:

On?September?151?2017,?Pool?Corporation?sold?all of?the?Disney?securities at $100?per?share.

Required:1. Prepare journal entries to record the facts in the case, assuming that Pool Corporation purchased the shares for its portfolio of securities held for trading.2. Prepare journal entries to record the facts in the case, assuming that Pool Corporation purchased the shares for its portfolio of securities available for sale.

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...

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