Cost Fair Value at Year 2 Activity, accounting assignment help

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The following
information pertains to Fox Inc.’s portfolio of marketable securities for the
Year ended Dec 31, Year 1 and Dec 31, Year 2.

Cost

Fair Value at 
12/31 Year 1

Year 2 Activity:
Purchases

Year 2 Activity:
Sales

Fair Value at 
12/31 Year 2

Trading Securities

Smith Co.

$230,000

$240,000

$235,000

Jones Co

$290,000

$275,000

$285,000

Available for Sale Securities

Williams’s Co.

$270,000

$245,000

$255,000

N/A

Gores Co.

$250,000

$235,000

$265,000

Held to Maturity Securities

Martin Co.

1,400,000

$1,250,000

Note 1: Fox Inc.
uses US GAAP

Note 2: Fox Inc. uses valuation accounts to record changes in the fair value of
its marketable securities

Note 3: The Martin Co. security was purchase at par value

Note 4: The decline in the value of Martin Co.  is considered to be other
than temporary

Requirement:

Record the journal entries for the following marketable securities transactions
based on the information given in the table.

  1. Mark to market journal entry
    for the  Smith Co security at 12/31 Year 1
  2. Mark to market journal entry
    for the  Jones Co security at 12/31 Year 1
  3. Mark to market journal entry
    for the  Williams Co security at 12/31 Year 1
  4. Mark to market journal entry
    for the  Gores  Co security at 12/31 Year 1
  5. Mark to market journal entry
    for the  Smith Co security at 12/31 Year 2
  6. Mark to market journal entry
    for the  Jones  Co security at 12/31 Year 2
  7. Mark to market journal entry
    for the  Williams Co security at 12/31 Year 2
  8. Mark to market journal entry
    for the  Gores  Co security at 12/31 Year 2
  9. Journal entry to record 
    purchase of Martin Co. Investment
  10. Journal entry to record the
    impairment of Martin Co. Investment

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