Cantor Corporation's Balance Sheet at December 31, 2013, Showed the Following

question 236

Essay

Cantor Corporation's balance sheet at December 31, 2013, showed the following:
Short-term investments, at fair value $46,500
Cantor Corporation's trading portfolio of stock investments consisted of the following at December 31, 2013: During 2014, the following transactions took place:
Feb. 5 Sold 50 shares of Interstate common stock for $7,900.
Mar. 30 Purchased 25 shares of Georgia common stock for $850.
Sept. 9 Purchased 50 shares of Georgia common stock for $2,000.
At year end on December 31, 2014, the fair values per share were: Instructions
(a) Prepare the journal entries to record the 2014 stock transactions.
(b) On December 31, 2014, prepare any adjusting entry that might be necessary relative to the trading portfolio.
(c) Show how the stock investments will appear on Cantor Corporation's balance sheet at December 31, 2014.

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Definitions:

Form Perception

The cognitive process involved in recognizing and interpreting visual shapes and figures.

Partially Occluded

A term describing an object that is obscured or blocked from view to some extent, not entirely visible.

Figure-Ground Perception

A visual perception mechanism that allows people to distinguish an object (figure) from its surrounding area (ground).

Cloudless Sky

A clear sky condition without any visible clouds, often associated with fair weather.