I need Help ASAP... Thank you in advance I really appreciate it. Exercise 17-15

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I need Help ASAP... Thank you in advance I really appreciate it.

Exercise 17-15 Shamrock Company has the following securities in its portfolio on December 31, 2017. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., Common 5,000 shares of Wallace Corp, Common 400 shares of Martin, Inc., Preferred $72,600 174,800 55,600 $303,000 $68,600 169,400 57,300 $295,300 All of the securities were purchased in 2017 In 2018, Shamrock completed the following securities transactions. March Apri 1 Bought 700 shares of Earnhart Corp., Common,$75 plus fees of $1,300 Shamrock's portfolio of equity securities appeared as follows on December 31, 2018. Sold the 1,500 shares of Gordon, Inc., Common, $45 less fees of $1,200 Investments Cost Fair Value 5,000 shares of Wallace Corp., Common 700 shares of Earnhart Corp., Common 400 shares of Martin, Inc., Preferred $174,800 53,800 55,600 $284,200 $169,400 50,000 53,800 $273,200 Prepare the general journal entries for Shamrock Company for: (a) The 2017 adjusting entry. (b) The sale of the Gordon stock. (c) The purchase of the Earnhart stock. The 2018 adjusting entry for the trading portfolio. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

No. Account Titles and Explanation Debit Credit a) Unrealized Holding Gain or Loss—Income 7700 Fair Value Adjustment (trading) 7700 b) Cash [(1,500 X $45) – $1,200]. 66300 Loss on Sale of Investments 6300 Equity Investments (trading) 72600 c) Equity Investments (trading) 53800 [(700 X $75) + $1,300] Cash 53800 d) Securities Cost Fair value Unrealized gain / (loss) Wallace Corp., Common 174800 169400 -5400 Earnhart Corp., Common 53800 50000 -3800 Martin Inc., Preferred 55600 53800 -1800 Total portfolio 284200 273200 -11000 Previous fair value adjustment—Cr. -7700 Fair value adjustment—Cr. -3300 d) Unrealized Holding Gain or Loss—Income 3300 Fair Value Adjustment (trading) 3300

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