Business, 07.11.2019 22:31 meaganblatcher
Brooks co. purchases debt investments as trading securities at a cost of $73,000 on december 27. this is its first and only purchase of such securities. at december 31, these securities had a fair value of $79,000. 1. prepare the december 27 entry for the purchase of debt investments. 2. & 3. prepare the december 31 year-end fair value adjusting entry for the trading securities' portfolio and the january 3 entry when brooks sells a portion of its trading securities (costing $36,500) for $38,000 cash.
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Brooks co. purchases debt investments as trading securities at a cost of $73,000 on december 27. thi...
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