The following account appears on the books of the Skylab Company.

Analyze the account,

prepare working papers, and prepare any necessary correcting entries. Determine the profit
or loss on all sales.

Investment
Unit
Date 2018 Explanation cost Debit Credit
Jul-08 Purchased 100 shares of Lana  
  Common, par P100 P80 8,000  
Aug-01 Purchased 5 bonds of Umm @950  
  plus interest of P 75 950 4,825  
Aug-10 Purchased 250 shares of Dalee  
  preferred, par P10 8.5 2,125  
Sep-05 Purchased 1,000 shares of  
  Dazdazin common, par P100 110 110,000  
10 Dalee raised to par/market P10 375  
24 Stock dividends on Lana,  
  50 shares  
Oct-15 Dividends received on Dazdazin  
  P1.00 per share 1,000
Oct-29 Sold 50 shares of Lana @ P60 3,000
Nov-01 Received P 150 interest on Umm 150
Nov-07 Sold 500 shares of Dazdazin  
  at P120 60,000
Nov-08 Sold 100 shares of Dalee at P12  1,200
Dec-01 Sold 3 bonds of Umm sales
  price plus interest, less P 10
  commission 2,770
Dec-01 Market value of 250 preferred  
  Dazdazin shares received as  
  stock dividend (Market of  
  common is P 150)   25,000