On June 30, 2015, MetroMedia, Inc., purchased 10,000 shares of Mitek stock for $ 20 per share.

Question:

On June 30, 2015, MetroMedia, Inc., purchased 10,000 shares of Mitek stock for $ 20 per share. The following information pertains to the fair value of Mitek stock:
Per Share
12/ 31/ 2015…………$ 24
12/ 31/ 2016………….. 31
Required:
Assume that management considers the stock to be available- for- sale securities. Prepare the journal entries required on each date given.