On June 30, 2015, MetroMedia, Inc. purchased 24,000 shares of Mitek stock for $22 per share. The following information pertains to the fair value of Mitek stock:

On June 30, 2015, MetroMedia, Inc. purchased 24,000 shares of Mitek stock for $22 per share. The following information pertains to the fair value of Mitek stock: The ollowing information 12/31/2015 12/31/2016 Per Share $26 31 Required Assume that MetroMedia management purchased the Mitek stock as trading securities. Prepare the joumal entries required on each date given. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) transaction list view transa Date June 30,2015. Record the 1. Record the purchase of 24,000 shares of Mitek for $22 per share. 2. Record the valuation adjustment if the fair value of Mitek's common June 30, 2015 stock on December 31, 2015 is $26 per share. 3. Record the valuation adjustment if the fair value of Mitek's common stock on December 31, 2016 is $31 per share. December 31, 201 December 31, 201