On June 30, 2012, Metro Media, Inc., purchased 10,000 shares of Mitek stock for $20 per share.

Question:

On June 30, 2012, Metro Media, Inc., purchased 10,000 shares of Mitek stock for $20 per share. The following information pertains to the fair value of Mitek stock:
Per Share
12/31/2012 ................... $24
12/31/2013 .................... 31
Required:
Assume that management considers the stock to be available-for-sale securities. Prepare the journal entries required on each date given?