Question

On June 30, 2014, Slick Rocks, Inc., purchased 7,000 shares of Sandstone stock for $15 per share.
Management recorded the stock in the available-for-sale securities portfolio. The following information pertains to the price per share of Sandstone stock:
Price
12/31/2014 ... $17
12/31/2015 ... 14
12/31/2016 .... 18
Slick Rocks sold all of the Sandstone stock on February 14, 2017, at a price of $20 per share. Prepare any journal entries that are required by the facts presented in this case.



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  • CreatedJuly 01, 2014
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