Exercise 1711 lounder Corporation made the following cash pu

\"Exercise 17-11 lounder Corporation made the following cash purchases of securities during 2017, which is the first year in which Flounder invested in securities. 1. On January 15, purchased 10,220 shares of Sanchez Company\'s common stock at $36.90 per share plus commission $2,200. 2. On April 1, purchased 5,220 shares of Vicario Co.s common stock at $37.20 per share plus commission $3,390. 3. On September 10, purchased 7,220 shares of WTA Co.\'s preferred stock at $29.20 per share plus commission $5,130. On May 20, 2017, Flounder sold 4,220 shares of Sanchez Company\'s common stock at a market price of $39 per share less brokerage s, taxes, and fees of $4,070. The year-end fair valkues per share were method of accounting is not appropriate for these stock indented not indent manually. If no entry is required, select-No Entry-for the account titles and enter 0 for the amounts.) manually, If no entry is required, select \"No Entry\" for the account titles and enter O for the Date Account Titles and Explanation May 20, 2017 O Type here to search

Solution

PART A 1/15/2017 Investment Account $                379,318.00 Cash $                379,318.00 4/1/2017 Investment Account $                302,174.00 Cash $                302,174.00 9/10/2017 Investment account $                215,954.00 Cash $                215,954.00 PART B 5/20/2017 Cash account $                160,510.00 Investment account $                156,620.40 profit on sale of investment $                    3,889.60 PART C 12/31/2017 Loss on investment -Sanchez shares $                  24,697.60 Investment account $                  24,697.00 Investment account-Vicarios shares $                  16,246.00 Gain on investment $                  16,246.00 Invesment account-WTA shares $                    6,422.00 Gain on investment $                    5,590.00