At January 1, 2014, the trading securities portfolio held by the Darin Corporation consisted of the following investments:
1. 2,000 ordinary shares of Tanner purchased for ₤42 per share.
2. 1,500 ordinary shares of Lester purchased for ₤50 per share.
At December 31, 2014, the fair values per share were Tanner ₤36 and Lester ₤54.
Instructions
(a) Prepare a schedule showing the cost and fair value of the portfolio at December 31, 2014.
(b) Prepare the adjusting entry to report the portfolio at fair value at December 31, 2014.

Question

Quizplus · Accepted Answer

The Answer of At January 1, 2014, the trading securities portfolio held by the Darin Corporation consisted of the following investments:
1. 2,000 ordinary shares of Tanner purchased for ₤42 per share.
2. 1,500 ordinary shares of Lester purchased for ₤50 per share.
At December 31, 2014, the fair values per share were Tanner ₤36 and Lester ₤54.
Instructions
(a) Prepare a schedule showing the cost and fair value of the portfolio at December 31, 2014.
(b) Prepare the adjusting entry to report the portfolio at fair value at December 31, 2014.

At January 1, 2014, the Trading Securities Portfolio Held by the Darin