Walter's Inc. began operations on January 15, 2018, and had thefollowing transactions in trading securities during 2018 and2019:
March 1, 2018 Purchased 500 shares of Apex, Inc. common stock at$11 per share, plus a commission of $300
April 1, 2018 Purchased 1,000 shares of Basic Corp. preferredstock at $4 per share, plus a commission of $500.
June 1, 2018 Received dividends of $1 per share on the Apexstock and $2 per share on the Basic stock
December 31, 2018 Determined that the fair market values pershare were $13 for the Apex sstock and $2 for the Basic stock.
February 15, 2019 Sold 500 shares of the Basic stock for $3 pershare, less commissions of $200.
June 1, 2019 Received dividends of $1 per share on the Apexstock and $2 per share on the Basic stock
November 20, 2019 Purchased 800 share of Cargo, Inc. commonstock for $7 per share, plus a commission of $400.
December 31, 2019 Determined that the fair market values pershare were $14 for the Apex stock, $3 for the Basic stock, and $8for the Cargo stock.
REQUIRED:
Prepare all of the journal entries required to account forWalter's transactions in the trading securities for the years 2018and 2019.
