American Surety and Fidelity buys and sells securities expecting to earn profits on short-term differences in price. For the first 11 months of 2016, gains from selling trading securities totaled $7 million, losses were $10 million, and the company had earned $5 million in investment revenue. The following selected transactions relate to American's trading account during December 2016, and the first week of 2017. The company's fiscal year ends on December 31. No trading securities were held by American on December 1, 2016 2016 Dec. 12 Purchased FF&G Corporation bonds for $20 million. 13 Purchased 2 million Ferry Intercommunications common shares for $24 million. 15 Sold the FF&G Corporation bonds for $20.8 million 22 Purchased U.S. Treasury bills for $64 million and Treasury bonds for $73 million. 23 Sold half the Ferry Intercommunications common shares for $10 million. 26 Sold the U.S. Treasury bills for $66 million. 27 Sold the Treasury bonds for $69 million. 28 Received cash dividends of $200,000 from the Ferry Intercommunications common shares 31 Recorded any necessary adjusting entry(s) and closing entries relating to the investments. The market price of the Ferry Intercommunications stock was $10 per share 2017 Jan. 2 Sold the remaining Ferry Intercommunications common shares for $10.3 million. 5 Purchased Warehouse Designs Corporation bonds for $42 million