Question: mpt in Progress Splish Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Cost Fair Value $238.950



mpt in Progress Splish Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Cost Fair Value $238.950 $224,500 Investment Securities Horton, Inc. common (5,310 shares) Monty, Inc. preferred (3.700 shares) Oakwood Corp.common (990 shares) 140,600 148,130 164,340 163,400 On October 10, 2020, the Horton shares were sold at a price of $52 per share. In addition 2.720 shares of Patriot common stock were acquired at $54 per share on November 2, 2020. The December 31, 2020. fair values were Monty $113,310. Patriot 5115,300, and Oakwood $177,370. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit te wo
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
