Question: Using the data in EA-3, assume that Slick Rocks management purchased the Sandstone stock for the trading securities portfolio instead of the available-for-sale securities portfolio.

Using the data in EA-3, assume that Slick Rocks management purchased the Sandstone stock for the trading securities instead of the available-for-sale securities Prepare any journal entries that are required by the facts presented in the case.
Data in EA-3
On June 30, 2016, Slick Rocks. Inc.. purchased 7,000 shares of Sandstone slock for $15 per share. Man agement recorded the stock in the available-for-sale securities The following information per tains to the price per share of Sandstone stock:
Price
12/31/2016 ................ $17
12/31/2017 ................ 14
12/31/2018 ................ 18

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