Assume the same information as in E17-19B for Thomlin Company. In addition, assume that the investment in the Tiger Inc. stock was sold during 2015 for $278,000. At December 31, 2015, the following information relates to its two remaining investments of common stock.

In E17-19B, Presented below is information related to the purchases of common stock by Thomlin Company during 2014.

Net income before any security gains and losses for 2015 was $1,200,000.

Instructions
(a) Compute the amount of net income or net loss that Thomlin should report for 2015, taking into consideration Thomlin€™s security transactions for 2015.
(b) Prepare the journal entry to record unrealized gain or loss related to the investment in Azul Company stock at December 31,2015.

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Cost (at purchase date) $200,000 271,000 $471,000 Fair Value (at December 31) $195,000 290,000 $485,000 Investment in Azul Company stock Investment in Justin Corporation stock Total Cost Fair Value (at purchase date) (at December 31) Investment in Azul Company stock Investment in Justin Corporation stock Investment in Tiger Inc. stock $200,000 271,000 185,000 $656,000 $221,000 285,000 260,000 $766,000 Total