Recording Passive Investments (API2-2)
On March 1, 2011, Lightning Technology purchased 8,000 shares of Computing Services Company for $17 per share. The following information applies to the stock price of Computing Services:
| Price |
12/31/2011 | $15 |
12/31/2012 | 21 |
12/31/2013 | 26 |
Required:
1. Prepare journal entries to record the facts in the case, assuming that Lightning purchased the shares for the trading securities portfolio.
2. Prepare journal entries to record the facts in the case, assuming that Lightning purchased the shares for the available-for-sale securities portfolio.
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