7). On June 30, 2016, Slick Rocks, Inc., purchased 9,400 shares of Sandstone stock for $18 per share. Assume that Slick Rocks management purchased the Sandstone stock for the trading securities portfolio. The following information pertains to the price per share of Sandstone stock:

Price

12/31/2016 $ 22

12/31/2017 $17

12/31/2018 $24

Slick Rocks sold all of the Sandstone stock on February 14, 2019, at a price of $26 per share.

Prepare any journal entries that are required by the facts presented in this case. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)