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Prepare the journal entry to record the sale of the

1. Trading Securities Entries on December 21, 2010, Zurich Company provided you with the following information regarding its trading securities. During 2011, Carolina Company stock was sold for $9,500. The fair value of the stock on December 31, 2011, was: Star gate Corp. stock-$19,300; Vector man 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.

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