1. Clover Company completes the following selected transactions related to its short-term investment during 2013.
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Get Help Now!May 8- Purchased 300 shares of Fed Ex stock as a short term investment in avariable for sale securities at $40 for shares plus $ 975 broker frees.
September 2- sold 100 shares of its investment in Fed Ex stock for $ 47 per share and held the remaining 200 shares; broker commission was $225
October 2- Purchased 400 shares of Ajay stock for $60 per share plus $1,600 in commissions. The stock is held as a short term investment in Available for sale securities.
Prepare journal entries for the Clover Company transaction.
Prepare an adjusting entry as of December 31 if the fair value of the equity securities held by Clover Company are $48 per share for Fed Ex and $55 per share for Ajay, Year 2013 is the first year Clover acquired short term investments.
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