Question

Problem 15-3A Recording, adjusting, and reporting long-term available-for-sale securities LO P3 [The following information applies to the questions displayed below.] Grass Security, which began operations in 2017, invests in long-term available-for-sale securities. Following is a series of transactions and events determining its long-term investment activity. 2017 Jan. 20 Purchased 1,500 shares of Johnson & Johnson at $21.00 per share plus a $290 commission. Feb. 9 Purchased 1,700 shares of Sony at $46.70 per share plus a $275 commission. June 12 Purchased 2,000 shares of Mattel at $27.50 per share plus a $245 commission. Dec. 31 Per share fair values for stocks in the portfolio are Johnson & Johnson, $22.00; Mattel, $31.40; and Sony, $38.50. 2018 Apr. 15 Sold 1,500 shares of Johnson & Johnson at $24.00 per share less a $575 commission. July 5 Sold 2,000 shares of Mattel at $24.40 per share less a $285 commission. July 22 Purchased 1,100 shares of Sara Lee at $23.00 per share plus a $530 commission. Aug. 19 Purchased 1,400 shares of Eastman Kodak at $17.50 per share plus a $248 commission. Dec. 31 Per share fair values for stocks in the portfolio are: Kodak, $19.75; Sara Lee, $20.50; and Sony, $35.50. 2019 Feb. 27 Purchased 2,900 shares of Microsoft at $67.50 per share plus a $575 commission. June 21 Sold 1,700 shares of Sony at $48.50 per share less a(n) $930 commission. June 30 Purchased 1,900 shares of Black & Decker at $36.50 per share plus a $485 commission. Aug. 3 Sold 1,100 shares of Sara Lee at $16.75 per share less a $485 commission. Nov. 1 Sold 1,400 shares of Eastman Kodak at $23.25 per share less a(n) $675 commission. Dec. 31 Per share fair values for stocks in the portfolio are: Black & Decker, $39.50; and Microsoft, $69.50. Problem 15-3A Part 3 3. Complete the following table that summarizes (a) the realized gains and losses and (b) the unrealized gains or losses for the portfolio of long-term available-for-sale securities at each year-end. (Do not round your intermediate calculations. Losses should be indicated by a minus sign. )

Answer 1