(Continued) MS buys and sells securities expecting to earn profits on short term diferences in price. The following selected to investments in trading securities during 2021 2022. The company's trucal year ends on December to trading securities were held try MS on Jan 1, 2021 2021 May 1) Purchased 10,000 shares of Apple stocks for $120 per share Jun 1) Purchased 10,000 shares of Apple stocks for $145 per share Jul 1) Sold 15,000 shares of Apple stocks for $140 per share Sep 1) Purchased 2000 shares of Apple stocks for $130 per share Nov 1)Received dividend $50,000 Dec 31) Market price for Apple is $150 per share 2022 Apr 1) Purchased 3.000 Apple stocks for $150 per share May 1) Sold 2,000 Apple stocks for $150 per share July 1) Purchased 8,000 Apple stocks for $180 per share Aug 1) Sold 6,000 shares of Apple stocks for $190 per shoe Dec 31) Market price for Apple is $220 per share Now assume that MS uses the last in first out (Uro) cost basis assumption which is correct about the journal entry to make at the end of 2022? (Continued) MS buys and sells securities expecting to earn profits on short term diferences in price. The following selected to investments in trading securities during 2021 2022. The company's trucal year ends on December to trading securities were held try MS on Jan 1, 2021 2021 May 1) Purchased 10,000 shares of Apple stocks for $120 per share Jun 1) Purchased 10,000 shares of Apple stocks for $145 per share Jul 1) Sold 15,000 shares of Apple stocks for $140 per share Sep 1) Purchased 2000 shares of Apple stocks for $130 per share Nov 1)Received dividend $50,000 Dec 31) Market price for Apple is $150 per share 2022 Apr 1) Purchased 3.000 Apple stocks for $150 per share May 1) Sold 2,000 Apple stocks for $150 per share July 1) Purchased 8,000 Apple stocks for $180 per share Aug 1) Sold 6,000 shares of Apple stocks for $190 per shoe Dec 31) Market price for Apple is $220 per share Now assume that MS uses the last in first out (Uro) cost basis assumption which is correct about the journal entry to make at the end of 2022