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Assignment ID: FG133140779
Question – Held for Trading problem – Barkin Ltd. is a company with a December 31 year end. On January 1, 2007, the company acquires 2,000 shares of Valor Inc. at a cost of $125 per share. Transaction costs total $2,500. The investment does not give Barkin influence over, or control of, Valor Inc. Barkin classifies these shares as held for trading. On December 31, 2007, the fair value of the Valor shares has increased to $135 per share. The Valor Inc. shares did not declare or pay any dividends during 2007. On March 1, 2008, Barkin sells all of the Valor shares for $132 per share. Transaction costs for the disposal are $2,600. Prepare Journal Entries in the books of Barkin Ltd?