Bridgeport Company buys and sells securities expecting to make money on short-term price movements.The company's fiscal year ends on December 31.The following transactions relating to Bridgeport's trading accounts occurred during December 2018 and the first week of 2019.

2018

December 3: Purchased 100,000 shares of VMWare Corporation's common stock at $80 per share.

December 7: Purchased 150,000 shares of Intel Corporation's common stock at $20 per share.

December 24: Received cash dividends of $0.10 per share from the Intel common stock.

December 31: Recorded any necessary adjusting entries relating to the VMWare and Intel shares.The market prices for VMWare and Intel were $77 per share and $23.50 per share respectively.

2019

January 2: Sold the 100,000 shares of VMWare common stock at $75 per share.

January 4: Sold the 150,000 shares of Intel common stock at $22 per share.

Required:

1. Prepare the appropriate journal entry for each transaction.

2. Indicate any amounts Bridgeport Company would report in its 2018 balance sheet and income statement as a result of these investments.