Progressive Inc. (Progressive) is an investment company that recently raised $3,000,000 from a public financing. The Board of Directors has instructed the CFO to invest up to $2,000,000 in investments that it intends to actively trade and therefore will account for these investments at fair value through profit or loss.

On the advice of the companys investment advisor, the following shares were purchased in October 2019:

Investment	# of shares	Total cost $
Giant Inc	25,000	1,000,000
Monarch Bank of Canada	20,000	600,000
Leslee Resources Ltd/	100,000	200,000

During December 2019, Progressive received cash dividends of $40,000 from its investment in Monarch Bank of Canada.

In 2020, the following transactions took place:

January 25 50,000 shares of Leslee Resources Ltd. were purchased for $125,000.

May 17 6,000 shares of Monarch Bank of Canada were sold at $45 per share

June 17 75,000 shares of Lucky Limited were purchased at $15 per share

September 25 100,000 shares of Leslee Resources Ltd. were sold for net proceeds (i.e. after commissions) for $165,000. (For the purposes of determining the cost of shares sold, use the weighted average cost).

As part of its banking arrangement, the company pays no commissions on the purchase of shares but is charged a 2% commission on the sale of all investments.

Market Price of investments presented on a per share basis

Investment	January 1, 2019	December 31, 2019	December 31, 2020
Giant Inc	$110.00	$105.00	$130.00
Monarch Bank of Canada	27.00	39.00	43.00
Leslee Resources Ltd	1.50	1.75	0.75
Lucky Limited	9.00	13.00	16.00

Required:

a) Prepare all journal entries relating to these investments for 2019.

b) Prepare all journal entries relating to these investments for 2020.

c) Briefly discuss why these investments are valued at current market value while other assets such as property, plant and equipment are not adjusted to fair market value.