102 on march 1 2017 young company paid cash to purchase the following stocks as long 4314019

102 on march 1 2017 young company paid cash to purchase the following stocks as long 4314019

102.On March 1, 2017, Young Company paid cash to purchase the following stocks as long-term investments in available-for-sale securities:

Old Corporation common stock (par $5), 2,000 shares at $5 per share (10% of outstanding shares)
ABC Corporation common stock (par $10), 3,000 shares at $25 per share (15% of outstanding shares)
XYZ Corporation common stock (par $10), 3,000 shares at $20 per share (10% of outstanding shares)

The market prices per share at December 31, end of the accounting period, were as follows:

StockDec. 31, 2017Dec. 31, 2018

Old common$6$7

ABC common$24$25

XYZ common$21$17

Required:

Prepare the required journal entries at the following dates: March 1, 2017, December 31, 2017 and December 31, 2018.  

 

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