Question -
On June 30, 2016, Slick Rocks, Inc., purchased 10,000 shares of Sandstone stock for $24 per share. Management recorded the stock in the available-for-sale securities portfolio. The following information pertains to the price per share of Sandstone stock:
Price
12/31/2016 $29
12/31/2017 $26
12/31/2018 $33
Slick Rocks sold all of the Sandstone stock on February 14, 2019, at a price of $35 per share.
Prepare any journal entries that are required by the facts presented in this case.
(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
- Record the appropriate journal entry on June 30, 2016.
- Record the appropriate journal entry on Dec. 31, 2016.
- Record the appropriate journal entry on Dec. 31, 2017.
- Record the appropriate journal entry on Dec. 31, 2018.
- Record the appropriate journal entry on Feb. 14, 2019.