On November 1, 2018, United Airlines purchases 10,000 shares of Exxon Mobil for $120 per share plus a total of

$500 commission. These shares are classified as trading securities. On December 31, 2018, Exxon Mobil is trading

for $110 per share. On January 5, Exxon pays shareholders $3 per share in dividends. On February 5, 2019 United

Airlines sells the Exxon shares for $115 per share. United Airlines has a tax rate of 20%.

Requirements:

a.

Show all the needed journal entries for the Exxon stock from purchase to sale.

b.

Describe how the Exxon Mobil stock and the results will be disclosed on the income statement, balance

sheet and statement of comprehensive income for 2018 and 2019