On October 18, 2014, Daley Inc. purchased 100 shares of Orthon at $32 per share. The investment was.
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On October 18, 2014, Daley Inc. purchased 100 shares of Orthon at $32 per share. The investment was classified as available-for-sale securities. The shares were held throughout the remainder of 2014 and 2015, and by December 31, 2014 and 2015 the per-share market price had risen to $40 and $50, respectively. On December 31, 2015, Daley decided to change the classification from available-for-sale to trading securities. REQUIRED: a. Provide the journal entries recorded at October 18, 2014; December 31, 2014; and December 31, 2015. b. Assume that the investment was originally classified as trading securities and then changed to available-for-sale on December 31, 2015. Provide the journal entries recorded at October 18, 2014; December 31, 2014; and December 31, 2015. c. Compute the 2014 and 2015 income effects under the two assumptions.View Solution:
On October 18 2014 Daley Inc purchased 100 shares of
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