Recording Passive Investments (P12-2)
On September 15, 2011. Hill-Nielson Corporation purchased 7,000 shares of Community Communications Company for $32 per share. The following information applies to the stock price of Community Communications:
| Price |
12/31/2011
| $34
|
12/31/2012 | 25
|
12/31/2013 | 2 |
Required:
1. Prepare journal entries to record the facts in the case, assuming that Hill-Nielson purchased the shares for the trading securities portfolio.
2. Prepare journal entries to record the facts in the case, assuming that Hill-Nielson purchased the shares for the available-for-sale securities portfolio
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