At December 31, 2014, Isotope Co. held the following investments in stock that are classified as available-for-sale securities. All investments were acquired in December 2014.

Changes in fair value were considered to be temporary. On March 1, 2015, half of the B Company stock was sold for $650. Isotope Co. acquired additional security C stock during 2015. At December 31, 2015, the following investments in stock were held by Isotope:

Changes in fair value again were considered to be temporary.
Required:
Prepare journal entries for
a.December 31, 2014
b.March 1, 2015
c.December 31, 2015

Question

At December 31, 2014, Isotope Co. held the following investments in stock that are classified as available-for-sale securities. All investments were acquired in December 2014.

Changes in fair value were considered to be temporary. On March 1, 2015, half of the B Company stock was sold for $650. Isotope Co. acquired additional security C stock during 2015.  At December 31, 2015, the following investments in stock were held by Isotope:

Changes in fair value again were considered to be temporary.
Required:
Prepare journal entries for
a.December 31, 2014
b.March 1, 2015
c.December 31, 2015

Quizplus · Accepted Answer

The Answer of At December 31, 2014, Isotope Co. held the following investments in stock that are classified as available-for-sale securities. All investments were acquired in December 2014.

Changes in fair value were considered to be temporary. On March 1, 2015, half of the B Company stock was sold for $650. Isotope Co. acquired additional security C stock during 2015.  At December 31, 2015, the following investments in stock were held by Isotope:

Changes in fair value again were considered to be temporary.
Required:
Prepare journal entries for
a.December 31, 2014
b.March 1, 2015
c.December 31, 2015