Marco Insurance acquired shares of Penny Systems' common stock on December 28, 2013, for $400,000 and classified them as trading securities. The fair value of these securities on December 31, 2013, was $402,000 . Marco Insurance sold these shares on January 3, 2014, for $405,000. (Refer to the Marco Insurance) The journal entries to record acquisition of trading securities on December 28, 2013
a. Cash..................................................... 400,000
Marketable Securities.....................................400,000
b. Other Comprehensive Income..............400,000
Marketable Securities.....................................400,000
c. Marketable Securities..........................400,000
Other Comprehensive Income....................... 400,000
d. Marketable Securities..........................400,000
Cash................................................................400,000
e. Marketable Securities..........................400,000
Net Income.....................................................400,000
D
You might also like to view...
Christian, an automobile engineer, is sent on a foreign assignment to Iceland. Initially, Christian is fascinated by the culture and history of the town he lived in. Within a month, he begins to feel disillusioned and discomforted by the differences in norms and values. Which term best describes this phase of Christian's experience?
A. culture shock B. adjustment C. honeymoon D. validation E. recovery
Successfully managing inventories can positively impact all of the following except?
a. Customer service b. Product design c. Competitiveness d. Cost
A limited liability company (LLC) formed in one state but doing business in another state is referred to in the second state as a foreign LLC.
Answer the following statement true (T) or false (F)
Use Table 11.1 to answer this question. If Big Truck Tacos makes tacos in batches of 20, what should their MPS entry be for the first week of production?
A) 60 B) 80 C) 100 D) 120