Question 9 Pronghorn Company has the following securities in its portfolio on December 31, 2017. None of these investments are accounted for under...
having trouble with this question, any chance someone can help out? would appreciate it
Question 9 Pronghorn Company has the following securities in its portfolio on December 31, 2017. None of these investments are accounted for under the equitymethod. Fair Investments 03—“ Value 1,500 shares of Gordon,Inc., Common 5,000 shares of WallaceCorp., Common 400 shares of Martin, 59,900 51.700Inc., Preferred $80, 100 $75,300 178,900 173,800 $318,900 $310,800 All of the securities were purchased in 2017.In 2018, Pronghorn completed the following securities transactions. March 1 Sold the 1,500 shares of Gordon, Inc., Common, @ $45 less fees of$1,200.April 1 Bought 700 shares of Earnhart Corp., Common, @ $75 plus fees of $1,300. Pronghorn’s portfolio of equity securities appeared as follows on December 31, 2018. Fair Investments Cost Value 5,000 shares of WallaceCorp., Common 700 shares of EarnhartCorp., Common 400 shares of Martin, 59,900 58,100Inc., Preferred $178,900 $173,800 53,800 50,600 $292,600 $282,500 Prepare the general journal entries for Pronghorn Company for: (a) The 2017 adjusting entry. (h) The sale of the Gordon stock. (1:) The purchase of the Earnhart stock. (d) The 2018 adjusting entryr for the trading portfolio.
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