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Exercise 17-7 (E17-7) Trading Securities Entries

Exercise 17-7 (E17-7) Trading Securities Entries
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ACCOUNTING

ACC/423 (ACC423)
INTERMEDIATE FINANCIAL ACCOUNTING III
University of Phoenix (UoP)

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007).
Intermediate Accounting, (12th ed.) (13th Ed.)
Hoboken, NJ: John Wiley & Sons.

Week Three (Week 3) Chapter 17

Exercise 17-7 (E17-7) (Trading Securities Entries) On December 21, 2006, Bucky Katt Company provided you with the following information regarding its trading securities.

AND SO ON

During 2007, Colorado Company stock was sold for $9,400. The fair value of the stock on December 31, 2007, was: Clemson Corp. stock—$19,100; Buffaloes Co. stock—$20,500.

Instructions
(a) Prepare the adjusting journal entry needed on December 31, 2006.
(b) Prepare the journal entry to record the sale of the Colorado Company stock during 2007.
(c) Prepare the adjusting journal entry needed on December 31, 2007.

 

FILE: MS WORD

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