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Ellison Company has the following securities in its portfolio of trading equity investments on December 31, 2018: Cost ($) Fair Value($) 5,000 ordinary shares of

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Ellison Company has the following securities in its portfolio of trading equity investments on December 31, 2018: Cost ($) Fair Value($) 5,000 ordinary shares of Thomas Corp. 155,000 139,000 10,000 ordinary shares of Gant 182,000 190,000 337,000 329,000 On January 1, 2019, Ellison Company purchased 12% bonds, having a maturity value of $800,000, for $860,652. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2019, and mature January 1, 2024, with interest receivable December 31 of each year. Ellison's business model is to hold these bonds to collect contractual cash flows and not for trading. On 31 December 2019, the fair value of the bonds is $860,000. Ellison acquired a 25% interest in Trent Co. on January 1, 2019, for $500,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2019, Trent paid cash dividends of $160,000. Trent's net income for 2019 was $360,000. During the year, Ellison completed the following investment transactions: March 1 Sold 5,000 ordinary shares of Thomas Corp., @ $31 less commissions and fees of $1,500. April 1 Bought 600 ordinary shares of Werth Stores, @ $45 plus commissions and fees of $550. Ellison Company portfolio of trading equity investments appeared as follows on December 31, 2019: Fair Value($) 10,000 ordinary shares of Gant 195,500 600 ordinary shares of Werth Stores 25,500 221,000 Required: Prepare all relevant journal entries to record the investments for the year 2019

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