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American Surety and Fidelity buys and sells securities expecting to earn profits on short-term differences in price. For the first 11 months of 2011, gains from selling trading securities totaled $8 million, losses were $11 million, and the company had earned $5 million in investment revenue. The following selected transactions relate to American's trading account during December 2011, and the first week of 2012. The company's fiscal year ends on December 31. No trading securities were held by American on December 1, 2011.
Required:
1. Prepare the appropriate journal entry for each transaction or event during 2011, including the closing entry to income summary for the year.
2. Indicate any amounts that American would report in its 2011 balance sheet and income statement as a result of these investments.
3. Prepare the appropriate journal entry for each transaction or event during 2012.
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