Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities
August Purchased Verizon bonds for $
September Purchased Apple bonds for $
September Purchased Mastercard bonds for $
October Sold some of its Verizon bonds that had cost $ for $ cash.
October Sold some of its Apple bonds that had cost $ for $ cash.
November Purchased Walmart bonds for $
December Sold all of its Mastercard bonds for $ cash.
Required:
Prepare journal entries to record these transactions.
Prepare a table to compare the yearend cost and fair values of its trading debt securities Yearend fair values: Verizon, $; Apple, $; and Walmart, $
Prepare the adjusting entry to record the yearend fair value adjustment for the portfolio of trading debt securities
Complete this question by entering your answers in the tabs below.
Required
Prepare journal entries to record these transactions.
Journal entry worksheet
