The Following Information Related to the Marketable Security Investments of Solo

question 25

Short Answer

The following information related to the marketable security investments of Solo Company. Securities held on December 31, 2009, as described in the table below. AAA and BBB are classified as trading securities and CCC is classified as an available-for-sale security. Early in 2010, the company sold 50 shares of BBB for $26 per share. During 2010, Solo received dividends of $3 per share on the remaining 200 shares of BBB, and dividends of $2.50 per share were declared, but not yet received on the 150 shares of CCC stock. The per-share market values of BBB and CCC on December 31, 2010, were $24 and $18, respectively. During 2011, Solo sold the remaining 200 shares of BBB stock for $26 per share and the 150 shares of CCC for $22 per share. The journal entry to record the revaluation of BBB shares in 2010 is:

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