Thomkin Enterprises purchased several investment securities on November 1, 2013. Various transactions and market activities occurred regarding these investments between acquisition and December 31st (the company's year-end), as shown below:
Additional information:
Prepare journal entries to record the purchase of the securities, the receipt of dividends and interest, the sale of the TRL stock, and the end-of-year mark-to-market adjustments. For the end-of-year entries, indicate how the resulting gains or losses should be recognized in Thomkin's year-end financial statements.

Question

Thomkin Enterprises purchased several investment securities on November 1, 2013. Various transactions and market activities occurred regarding these investments between acquisition and December 31st (the company's year-end), as shown below:
  Additional information:
  Prepare journal entries to record the purchase of the securities, the receipt of dividends and interest, the sale of the TRL stock, and the end-of-year mark-to-market adjustments. For the end-of-year entries, indicate how the resulting gains or losses should be recognized in Thomkin's year-end financial statements.

Quizplus · Accepted Answer

The Answer of Thomkin Enterprises purchased several investment securities on November 1, 2013. Various transactions and market activities occurred regarding these investments between acquisition and December 31st (the company's year-end), as shown below:
  Additional information:
  Prepare journal entries to record the purchase of the securities, the receipt of dividends and interest, the sale of the TRL stock, and the end-of-year mark-to-market adjustments. For the end-of-year entries, indicate how the resulting gains or losses should be recognized in Thomkin's year-end financial statements.

Thomkin Enterprises Purchased Several Investment Securities on November 1, 2013