On September 15 2014 Hill Nielson Corporation purchased 7 000 shares of
On September 15, 2014, Hill-Nielson Corporation purchased 7,000 shares of Community Communications Company for $32 per share. The following information applies to the stock price of Community Communications:
Price
12/31/2014 ... $34
12/31/2015 .... 25
12/31/2016 .... 21

Required:
1. Prepare journal entries to record the facts in the case, assuming that Hill-Nielson purchased the shares for the trading securities portfolio.
2. Prepare journal entries to record the facts in the case, assuming that Hill-Nielson purchased the shares for the available-for-sale securities portfolio.

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