Business, 05.12.2020 18:30 kookycookiefanx

Stewart Corporation's balance sheet at December 31, 2016, showed the following: Short-term investments, at fair value $46,500 Stewart Corporation's trading portfolio of stock investments consisted of the following at December 31, 2016: Stock Number of Shares Cost Conn Common Stock 200 $28,000 Ares Preferred Stock 400 6,000 Hall Common Stock 300 9,000 $43,000 During 2017, the following transactions took place: Feb. 5 Sold 100 shares of Conn common stock for $18,000. Mar. 30 Purchased 25 shares of Hall common stock for $1,000. Sept. 9 Purchased 50 shares of Hall common stock for $3,000. At year end on December 31, 2017, the fair values per share were: Fair Value Per Share Conn Common Stock $158.00 Ares Preferred Stock $14.00 Hall Common Stock $24.00 Instructions (a) Prepare the journal entries to record the 2017 stock transactions. (b) On December 31, 2017, prepare any adjusting entry that might be necessary relative to the trading portfolio. (c) Show how the stock investments will appear on Stewart Corporation's balance sheet at December 31, 2017.

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Stewart Corporation's balance sheet at December 31, 2016, showed the following: Short-term investmen...

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