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During 2018, Bellevue Financial Corporation had the following held for trading investment transactions: Feb. Purchased 570 CBRecord the above 2019 transactions including any required adjusting entries, continuing the use of the fair value through proShow how the investments would be presented on the statement of financial position at December 31, 2019. BELLEVUE FINANCIAL C

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Answer #1

1. In the books of Bellevue Financial Corporation :

Date Account Titles Debit Credit
2018 $ $
Feb 1 Trading Investments 35,340
Cash 35,340
Mar 1 Trading Investments 27,280
Cash 27,280
Apr 1 Trading Investments 62,000
Cash 62,000
July 1 Cash 1,710
Dividend Revenue 1,710
Aug 1 Cash 12,000
Loss on Sale of Investments 400
Trading Investments 12,400
Sept 1 Cash 1,408
Dividend Revenue 1,408
Oct 1 Cash 2,170
Interest Revenue 2,170
Oct 1 Cash 64,200
Trading Investments 62,000
Gain on Sale of Investments 2,200
Dec 31 Unrealized Loss on Trading Investments 1,850
Trading Investments 1,850
Dec 31 Trading Investments 880
Unrealized Gain on Trading Investments 880
2019
Mar 1 Cash 22,570
Trading Investments 21,090
Gain on Sale of Investments 1,480
June 1 Trading Investments 30,800
Cash 30,800
Sep 1 Cash 1,408
Dividend Revenue 1,408
Oct 1 Cash 14,520
Gain on Sale of Investments 440
Trading Investments 14,080
Dec 31 Trading Investments 1,320
Unrealized Gain on Trading Investments 1,320
Dec 31 Unrealized Loss on Trading Investments 6,600
Trading Investments 6,600

2.

Bellevue Financial Corporation
Balance Sheet ( Partial )
December 31, 2019
Current Assets
Investment in Trading Securities 39,600

3.

Bellevue Financial Corporation
Income Statement ( Partial )
For the year ended December 31, 2019
Gain on sale of investments $ 1,920
Dividend revenue 1,408
Unrealized gain on trading investments 1,320
Unrealized loss on trading investments 6,600
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