Question: On August 1, 2015, McLellan Ltd. purchased 1,000 Data-wave common shares for $45,000 cash with the intention of trading the shares and using the fair

On August 1, 2015, McLellan Ltd. purchased 1,000 Data-wave common shares for $45,000 cash with the intention of trading the shares and using the fair value through profit or loss model. On December 31, 2015, 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, and
(b) Any adjusting journal entry required at December 31?

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