During the July 15 board of directors meeting, the Board of Directors chose to invest...
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Accounting
During the July 15 board of directors meeting, the Board of Directors chose to invest the excess cash held by the organization. This decision is in alignment with the organization's investment policy. The investment is in a low-risk portfolio of stock and the initial purchase price was $550,000 (average cost of $55 per share). During the November 15 board meeting, the Board of Directors decides to sell a portion of the investment portfolio they established during the July 15 board meeting. They sell 2500 shares of the portfolio at $65 per share. As of December 31, the Church's investment portfolio, which does not include the donated stock, is worth $427,500. Prepare any necessary journal entries in order to record the change in the portfolio's value.
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