Problem - Black, Inc. management occasionally invests idle cash in stocks that are not intended to be held long term.
Management treats these investments as trading securities.
1/5/2015 Purchased 2,500 shares of Eversilver Corporation common stock, which constitutes less than 10% of the outstanding shares of the company for $54.00 per share cash plus a total broker commission of $200.
6/15/2015 Received a cash dividend of $1.50 per share.
12/15/2015 Received a cash dividend of $1.60 per share.
12/31/2015 The market value of the stock is $60 per share as of year end, and a commission of $200 would apply to sell the shares.
1/22/2016 Sold 1,000 shares of Eversilver Corporation common stock for $62 per share minus $120 commission.
Instructions: Prepare Journal entries for the above transactions.