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Rochester Enterprises purchased 500 shares of Newark Corporation for $15 per share on June 15, 2014, when Newark had approximately 10,000 equity shares outstanding. Rochester held the investment throughout 2014, and as of December 31, the per-share market price had risen to $18. On January 16, 2014, Rochester sold 300 shares for $19 per share, and on October 20 sold the remaining 200 shares for $13 each. The company held no other security investments during this time period.
REQUIRED:
Assume that Rochester classified the investment as trading securities, and list the journal entries recorded on June 15, 2014; December 31, 2014; January 16, 2015; and October 20, 2015.
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