ACC 423 Wiley Plus Assignments E17-7 (Trading Securities Entries) On December 21, 2010, Zurich Company provided | A++ WO

E17-7 (Trading Securities Entries) On December 21, 2010, Zurich Company provided you with the following information regarding its trading securities.

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December 31, 2010
Investments(Trading) Cost Fair Value Unrealized Gain (Loss)
Stargate Corp. stock $20,000 $19,000 $(1,000)
Carolina Co. stock 10,000 9,000 (1,000)
Vectorman Co. stock 20,000 20,600 600
Total Portfolio $50,000 $48,600 (1,400)
Previous securities fair value adjustment balance -0-
Securities fair value adjustment—Cr. $(1,400)
During 2011, Carolina Company stock was sold for $9,500. The fair value of the stock on December 31, 2011, was: Stargate Corp. stock-$19,300; Vectorman Co. stock-$20,500.
(a) Prepare the adjusting journal entry needed on December 31, 2010.
(b) Prepare the journal entry to record the sale of the Carolina Company stock during 2011. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
(c) Prepare the adjusting journal entry needed on December 31, 2011.

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