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Ringo Co, had the following securities in its portfolio of trading securities on December 31, 2016. All of the securities had been purchased in 2014.

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Ringo Co, had the following securities in its portfolio of trading securities on December 31, 2016. All of the securities had been purchased in 2014. On March 1, 2017, Ringo sold all 5,000 shares of the Lennon Common at $24/share. Make the adjusting journal entry required at December 31, 2016, and the entry to record the sale of the Lennon stock on March 1, 2017

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