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On June 30, 2016, Slick Rocks, Inc., purchased 10,300 shares of Sandstone stock for $22 per share. Assumet Slick Rocks management purchased the Sandstone stock

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On June 30, 2016, Slick Rocks, Inc., purchased 10,300 shares of Sandstone stock for $22 per share. Assumet Slick Rocks management purchased the Sandstone stock for the trading securities portfolio. The following Information pertains to the price per share of Sandstone stock: 12/31/2016 12/31/2017 12/31/2018 Price $26 21 28 Slick Rocks sold all of the Sandstone stock on February 14, 2019, at a price of $30 per share. Prepare any journal entries that are required by the facts presented in this case. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) Answer is complete but not entirely correct. No Date Credit General Journal Investments in TS Cash Debit 226,600 June 30, 2016 226,600 Dec 31, 2016 41,200 Investments in TS Net unrealized gains (losses) 41,200 3 Dec 31, 2017 10,300 Net unrealized gains (losses) Investments in TS 10,300 X Dec 31, 2018 61,800 x Investments in TS Net unrealized gains (losses) 61,800 X Feb. 14, 2019 226,600 X Cash Gain on sale of investments Investments in TS 41,200 X 185,400

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