Sarah company acquires common stock of Miram enterprises for $400,000 on Nov 1, 2009 and...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Sarah company acquires common stock of Miram enterprises for $400,000 on Nov 1, 2009 and designates the investment as available-for-sale. The fair value of these shares is $435,000 on Dec 31, 2009. Sarah sells these shares on Aug 15,2015 for $480,000.
1.Create a journal entries to record acquisition of securities available for sales on Dec 31,2009
2.The journal entries to measure securities available for sale on Dec 31,2009
3.The journal entries to record the sale of securities available for sale on Aug 15,2010
4.How much is the total income from purchase and sale of these securities is reported when it is reported
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
