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 Prepare any journal entries that are required by the facts presented in the case Data in EA 3 On June 30, 2016, Slick ...

June 30 2016 Investments in TS A 105000 Cash A 105000 7000 shares x 15 per share Dec 31 2016 Invest ...

Using the data in EA-3, assume that Slick Rocks management purchased the Sandstone stock for the trading

Question:

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
Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...