Zeus Investments Inc is a regional investment company

that began
Zeus Investments Inc. is a regional investment company that began operations on January 1,
2016. The following transactions relate to trading securities acquired by Zeus Investments Inc.,
which has a fiscal year ending on December 31:2016Feb. 14. Purchased 4,800 shares of Apollo
Inc. as a trading security at $26 per share plus a brokerage commission of $192.Apr. 1.
Purchased 2,300 shares of Ares Inc. as a trading security at $19 per share plus a brokerage
commission of $92.June 1. Sold 600 shares of Apollo Inc. for $32 per share less a $100
brokerage commission.27. Received an annual dividend of $0.20 per share on Apollo Inc.
stock.Dec. 31. The portfolio of trading securities was adjusted to fair values of $33 and $18.50
per share for Apollo Inc. and Ares Inc., respectively. 2017Mar. 14. Purchased 1,200 shares of
Athena Inc. as a trading security at $65 per share plus a $120 brokerage commission.June 26.
Received an annual dividend of $0.21 per share on Apollo Inc. stock.July 30. Sold 480 shares
of Athena Inc. for $60 per share less a $50 brokerage commission.Dec. 31. The portfolio of
trading securities had a cost of $200,032 and a fair value of $188,000, requiring a credit balance
in Valuation Allowance for Trading Investments of $12,032 ($200,032 2 - $188,000). Thus, the
debit balance from December 31, 2014, is to be adjusted to the new balance. Instructions1.
Journalize the entries to record these transactions.2. Prepare the investment-related current
asset balance sheet presentation for Zeus Investments Inc. on December 31, 2017.3. How are
unrealized gains or losses on trading investments presented in the financial statements of Zeus
Investments Inc.?View Solution: Zeus Investments Inc is a regional investment company that
began
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