Financial Accounting

On September 15, 2014, Hill-Nielson Corporation purchased 7,000 shares of Community Communications Company for $32 per share. The following information applies to the stock price of Community Communications:Price12/31/2014 … $3412/31/2015 …. 2512/31/2016 …. 21

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1. Prepare journal entries to record the facts in the case, assuming that Hill-Nielson purchased the shares for the trading securities portfolio.

2. Prepare journal entries to record the facts in the case, assuming that Hill-Nielson purchased the shares for the available-for-sale securities portfolio.

On August 1, Wade Company buys 1,000 shares of Morgan common stock for $35,000 cash, plus brokerage fees of $700. On December 1, Wade sells the stock investments for $40,000 in cash. Journalize the purchase and sale of the common stock.

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