Jupiter Bank Decides to Invest in Trading Securities in Order

question 37

Essay

Jupiter Bank decides to invest in trading securities in order to take advantage of short term gains. The bank purchased the following securities for the year 2017.
Jan. 15, 2017 Purchased 1,000 shares of Corbin Company common stock for $89 per share
May 23, 2017 Purchased 1500 shares of Petro Company common stock for $75 per share
At the end of 2017 Corbin Company's common stock was trading on the market at $93 per share, and Petro's common stock had a market price of $70 per share.
Required:
1.) Prepare journal entries to record the preceding information.
2.) What is the unrealized holding gain or loss and where is it reported on the 2017 financial statements?

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Definitions:

Communicate

The act of conveying information, ideas, or feelings from one entity to another through various methods, including speech, writing, or non-verbal expressions.

Gradually

Refers to the process of changing or moving towards a particular direction step by step over time.

Incremental Change

Small, gradual modifications made in a process, system, or product over time to improve efficiency or quality.

HR Plans

Strategic outlines developed by the human resources department of an organization to manage and support its workforce in alignment with its overall goals.