Suppose Carlton Ltd completed the following investment transactions in 2014 and 2015 2014 Nov 6 Purchased 2,000 McGill Corporation common shares for $60,000 Carlton plans to sell the shares in the near future to meet its operating cash flow requirements Commissions on the purchase were $800 30 Rece...

1 General Journal DATE ACCOUNT TITLES AND EXPLANATIONS PO ...

Suppose Carlton Ltd. completed the following investment transactions in 2014 and 2015: 2014 Nov. 6 Purchased 2,000

Question:

Suppose Carlton Ltd. completed the following investment transactions in 2014 and 2015:
2014 Nov. 6 Purchased 2,000 McGill common shares for $60,000. Carlton plans to sell the shares in the near future to meet its operating-cash-flow requirements. Commissions on the purchase were $800.
30 Received a quarterly cash of $1.50 per share on the McGill shares.
Dec. 31 Current fair value of the McGill common shares is $62,000.
2015 Jan. 20 Sold the McGill shares for $63,000, less commissions on the sale of $900.
Required
1. Make the entries to record Carlton Ltd.'s investment transactions. Explanations are not required. Carlton Ltd.'s year end is December 31.
2. Show how Carlton Ltd. would report its investment in the McGill shares on the at December 31, 2014.
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