Market Corporation began investing in trading securities in 2009 At the end of 2009, it had the following trading portfolio Prepare the necessary year end adjusting entry on December 31 and the entry for the sale of all the GAP shares on the following March 23 for $190,000 in journal form Market Va...

2009 Dec 31 Allowance to Adjust ShortTerm Investments to Marke ...

Market Corporation began investing in trading securities in 2009. At the end of 2009, it had the

Question:

Market Corporation began investing in trading securities in 2009. At the end of 2009, it had the following trading portfolio:

Market Value Cost Security IBM (10,000 shares) GAP (5,000 shares) Totals $440,000 $660,000 150,000 $810,000 $640,000

Prepare the necessary year-end adjusting entry on December 31 and the entry for the sale of all the GAP shares on the following March 23 for $190,000 in journal form.

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...