Question: On August 1, 2012, McLellan Ltd. purchased 1,000 Datawave common shares for $45,000 cash with the intention of trading the shares. On December 31, 2012,

On August 1, 2012, McLellan Ltd. purchased 1,000 Datawave common shares for $45,000 cash with the intention of trading the shares. On December 31, 2012, McLellan's year end, the shares' fair value was $49,000. Prepare the journal entry to record
(a) The purchase of this investment on August 1,
(b) Any adjusting journal entry required at December 31.

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