A company has purchased $250,000 of X, a material amount for the company. X is a cryptocurrency token. One X token is currently worth $0.078150, over three times its value at the ICO.

1. Assume that the X purchase was made for cash. What journal entry should be made to record the purchase?

2. What (if any) journal entry would be required if the X value has increased to $300,000 at December 31, 2018?

3. What (if any) journal entry would be required if the X value has decreased to $200,000 at December 31, 2018?