Kress, Inc., purchased on July 2, 1999, 240 shares of Baker Company \(\$ 180\) par value common stock as a temporary investment at \(\$ 288\) per share, plus a broker's commission of \(\$ 432\).

On July 15,1999 , a cash dividend of \(\$ 7.20\) per share was received. On September 15 , 1999, Baker Company split its \(\$ 180\) par value common shares two for one.

On November 2, 1999, Kress sold 200 shares of Baker common stock at \(\$ 180\), less a broker's commission of \(\$ 288\)

Required

a. Prepare journal entries to record all of the above transactions.

b. How would you recommend that the remaining shares be classified in the December 31, 1999 , balance sheet if still held at that date?

c. Assume the remaining shares were considered current assets classified as trading securities at the end of 1999 , at which time their market value was \(\$ 128\) per share. Prepare any necessary adjusting entries for the end of 1999