Walter's Inc. began operations on January 15, 2018, and had the following transactions in trading securities...

Walter's Inc. began operations on January 15, 2018, and had the following transactions in trading securities during 2018 and 2019:

March 1, 2018 Purchased 500 shares of Apex, Inc. common stock at $11 per share, plus a commission of $300

April 1, 2018 Purchased 1,000 shares of Basic Corp. preferred stock at $4 per share, plus a commission of $500.

June 1, 2018 Received dividends of $1 per share on the Apex stock and $2 per share on the Basic stock

December 31, 2018 Determined that the fair market values per share were $13 for the Apex sstock and $2 for the Basic stock.

February 15, 2019 Sold 500 shares of the Basic stock for $3 per share, less commissions of $200.

June 1, 2019 Received dividends of $1 per share on the Apex stock and $2 per share on the Basic stock

November 20, 2019 Purchased 800 share of Cargo, Inc. common stock for $7 per share, plus a commission of $400.

December 31, 2019 Determined that the fair market values per share were $14 for the Apex stock, $3 for the Basic stock, and $8 for the Cargo stock.

REQUIRED:

Prepare all of the journal entries required to account for Walter's transactions in the trading securities for the years 2018 and 2019.

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Expert Solution

ekkarill92 answered 5 months ago

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