P12-7 Amalgamated General Corporation is a
consulting firm that also offers financial services through its credit
division.
P12-7 Securities held-to-maturity, securities
available for sale, and trading securities
P12-7 Amalgamated General Corporation is a
consulting firm that also offers financial services through its credit
division. From time to time the company buys and sells securities intending to
earn profits on short-term differences in price. The following selected
transactions relate to Amalgamated's investment activities during the last
quarter of 2013 and the first month of 2014. The only securities held by
Amalgamated at October 1 were $30 million of 10% bonds of Kansas Abstractors,
Inc., purchased on May 1 at face value. The company's fiscal year ends on
December 31.
Required:
Prepare the appropriate journal entry for each transaction or
event.
File name: P12-7-Amalgamated.xls File type: application/vnd.ms-excel
Price: $8
