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Homework answers / question archive / Rose Company had no short-term investments prior to this year

Rose Company had no short-term investments prior to this year

Accounting

Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence.

Apr.   16   Purchased 4,000 shares of Gem Co. stock at $26.00 per share.
July   7   Purchased 2,000 shares of PepsiCo stock at $50.00 per share.
    20   Purchased 1,000 shares of Xerox stock at $18.00 per share.
Aug.   15   Received a(n) $0.80 per share cash dividend on the Gem Co. stock.
    28   Sold 2,000 shares of Gem Co. stock at $32.75 per share.
Oct.   1   Received a $1.80 per share cash dividend on the PepsiCo shares.
Dec.   15   Received a $0.95 per share cash dividend on the remaining Gem Co. shares.
    31   Received a $1.20 per share cash dividend on the PepsiCo shares.

3. Prepare an adjusting entry to record the year-end fair value adjustment for the portfolio of short-term stock investments.

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