Mire Corporation Had the Following Transactions Involving Investments in Trading

question 45

Essay

Mire Corporation had the following transactions involving investments in trading securities during the year.Prior to these transactions,Mire had never had any investments in trading securities.Prepare the required general journal entries to record these transactions.
$$\begin{array} { | l | l | } \hline \text { Feb. } 16 & \begin{array} { l } \text { Purchased } 800 \text { shares of HM Corporation stock at } \$ 28 \text { per share plus a } \$ 400 \\\text { brokerage fee. }\end{array} \\\hline \text { Feb. } 26 & \begin{array} { l } \text { Purchased } 500 \text { shares of Sugarland Co. stock at } \$ 19 \text { per share plus a } \$ 300 \\\text { brokerage fee. }\end{array} \\\hline \text { Mar. } 2 & \text { Received a } \$ 0.95 \text { per share dividend from the HM Corporation. } \\\hline \text { Mar. } 28 & \begin{array} { l } \text { Sold } 200 \text { shares of HM Corporation stock for } \$ 31 \text { per share less a } \$ 150 \\\text { brokerage fee. }\end{array} \\\hline \text { Apr. } 20 & \begin{array} { l } \text { Sold } 150 \text { shares of Sugarland Co. stock at } \$ 17 \text { per share less a } \$ 100 \text { brokerage } \\\text { fee. }\end{array} \\\hline \text { Apr. } 30 & \begin{array} { l } \text { The company is preparing quarterly financial statements, prepare an adjusting } \\\text { entry for the fair value adjustment on the trading securities. At April } 30 \text {, the HM } \\\text { stock has a fair value of } \$ 30 \text { per share, and the Sugarland stock has a fair value }\end{array} \\\hline\end{array}$$

---

Definitions:

Sensory Systems

The parts of the body involved in receiving and processing sensory information from the environment, including sight, hearing, taste, touch, and smell.

Hearing

The sensory process by which sound waves are converted into electrical signals and interpreted by the brain, allowing the perception of sound.

Vision

The faculty or state of being able to see; also, a concept or plan regarding the future.

Middle Adulthood

A stage of life, typically considered to be from ages 40 to 65, marked by stability, maturity, and established social and economic roles.