Prepare all the necessary journal entries for 2014 for ( a ) Chicory Cosmetics and ( b ) Frank , Inc . ............
E12-12 : Zippydah Company has the following data at December 31 , 2014 .
The non-trading securities are held as a long-term investment . ............
a ) Prepare the adjusting entries to report 1 . Trading securities at fair value and 2 . Non-trading securities at fair value . ............
b ) Indicate the statement presentation of each class of securities . ............
P12-2A : In January 2014 , the management of Stefan Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities . During the year , the following transactions occurred . ............
At December 31 , the fair value of the Superior common stock was $ 55 per share . The fair value of the Pawlik common stock was $ 24 per share . ............
a ) Journalize the transactions and post to the accounts Debt Investments and Stock Investments . ............
b ) Prepare the adjusting entry at December 31 , 2014 , to report the investment securities at fair value . All securities are considered to be trading securities . ............
c ) Show the balance sheet presentation of investment securities at December 31 , 2014 . ............
d ) Give the statement classification of each income statement account . ............