Question 11 Pina Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1)...
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Question 11 Pina Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1) 3,300 shares ofAnderson Co. common stock which cost $59,400, (2) 10,300 shares of Munter Ltd. common stock which cost $576,800, and (3) 6,500 shares of KingCompany preferred stock which cost $273,000. The Fair Value Adjustment account shows a credit of $9,800 at the end of 2017. In 2013, Pina completed the following securities transactions. 1. On January 15, sold 3,300 shares of Anderson’s common stock at $24 per share less fees of $2,240.2. On April 17, purchased 900 shares of Castle’s common stock at $35 per share plus fees of $1,820. On December 31, 2018, the market prices per share of these securities were Munter $61, King $40, and Castle $22. In addition, the accountingsupervisor of Pina told you that, even though all these securities have readin determinable fair values, Pina will not actively trade these securitiesbecause the top management intends to hold them for more than one year.
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