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Smith Corporation purchases dollar 620, 000 of TMI Corporation stock on October 18, 2015. Smith Corporation classifies this investment as a trading security. On December

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Smith Corporation purchases dollar 620, 000 of TMI Corporation stock on October 18, 2015. Smith Corporation classifies this investment as a trading security. On December 1, Smith Corporation received a cash dividend of dollar 12,000 on the TMI Corporation stock. On December 31, 2015, Smith Corporation's investment in TMI Corporation has a fair value of dollar 600, 000. Required: Prepare the necessary journal entries. Explanations are not required

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