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The information below relates to Milton Company's trading securities in 2013 and 2014. 2
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The information below relates to Milton Company's trading securities in 2013 and 2014. Prepare the journal entries for the following transactions: 1. May 1, 2013 Purchased $250,000 par value of GLF Company bonds at 97 plus accrued interest. The bonds pay interest annually at 9% each December 31. Broker's commission was $2,500. 2. September 1, 2013 Sold $125,000 par value of GLF Company bonds at 94 plus accrued interest. Broker's commission, taxes, and fees were $1,250. 3. September 5, 2013 Purchased 5,000 shares of Hayes, Inc. common stock for $25 per share. The broker's commission on the purchase amounted to $2,000. 4. December 31, 2013 Make the appropriate entry for the GLF Company bonds. 5. December 31, 2013 The market prices of the trading securities at December 31 were: Hayes, Inc. common stock, $26 per share; and GLF Company bonds, 99. Make the appropriate entry. 6. July 1, 2014 Milton sold 1/2 of the Hayes, Inc. common stock at $27 per share. Broker's commissions, taxes, and fees were $1,000. 7. December 1, 2014 Milton purchased 600 shares of Ramirez, Inc. common stock at $40 per share. Broker's commission was $500. 8. December 31, 2014 Make the appropriate entry for the GLF Company bonds. 9. December 31, 2014 The market prices of the trading securities at December 31 were: Hayes, Inc. common stock, $28 per share; GLF Company bonds, 98; and Ramirez, Inc. common stock, $42 per share. Make the appropriate entry.

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  • The information below relates to Milton Company's trading securities in 2013 and 2014.
    $3.00

    The information below relates to Milton Company's trading securities in

    Submitted on: 25 Oct, 2016 03:23:41 This tutorial has not been purchased yet .
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