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On January 1, 2019, Seminole Inc. purchased 300 shares of Cornett Company common stock at $40 per share. Assume that on December 31, 2019, the

On January 1, 2019, Seminole Inc. purchased 300 shares of Cornett Company common stock at $40 per share. Assume that on December 31, 2019, the investment in Cornett Company stock has a market value of $10,500.

Required:

Prepare the year-end journal entry to record the unrealized gain or loss. 2 journal entries

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