Question: Question 2 of 3 - /20 E View Policies Current Attempt in Progress In January 2022, the management of Pembina Corporation, a publicly-traded company, decides

 Question 2 of 3 - /20 E View Policies Current Attemptin Progress In January 2022, the management of Pembina Corporation, a publicly-traded

Question 2 of 3 - /20 E View Policies Current Attempt in Progress In January 2022, the management of Pembina Corporation, a publicly-traded company, decides that it has sufficient cash to purchase some debt and equity securities to be held as trading investments. During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 Aug. 1 Sept. 1 Oct. 1 Oct. 1 Purchased 1,100 shares of NJF common shares for $50,600. Purchased 600 shares of SEK common shares for $22,800. Purchased 75 $1,000,8% CRT bonds for $76,300. Interest is receivable semi-annually on April 1 and October 1. Received a cash dividend of $0.60 per share on the NJF common shares. Sold 210 shares of NJF common shares at $37.00 per share. Received $2 per share cash dividend on the SEK common shares. Received the semi-annual interest on the CRT bonds. Sold the CRT bonds for $81.210. At December 31, Pembina's fiscal year end, the fair values of the NJF and SEK common shares were $36 and $32 per share, respectively. (a) Record the above transactions, including required adjusting journal entries (if any). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!