On 12/31/16 Levinson Corp. held no investment securities. On 1/01/17 Levinson purchased 12,000 shares of...
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On 12/31/16 Levinson Corp. held no investment securities. On 1/01/17 Levinson purchased 12,000 shares of Whitmore Corp. stock for $50/share and continued to hold the stock until 9/12/19 when it was sold for $56/share (ignore transaction costs). On 8/20/17, and on 8/19/18 Levinson receives a dividend of $2/share on the Whitmore stock. The market value of Whitmore stock was $48/share on 12/31/17 and $51/share on 12/31/18.
Required: Provide all investment related journal entries assuming that Levinson classifies the Whitmore Corp. stock investment as Trading.
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