Waymoot Company has the following securities in its portfolio of trading securities on December 31, 2016 (all of the securities were purchased in 2016):

Cost Fair Value

500 shares of Valmar Corp. $14,600 $15,650

1,000 shares of Isengard 18,000 20,500

200 shares of Haysend 5,200 3,960

$37,800 $40,110

In 2017, Waymoot completed the following transactions:

March 1 Sold 500 shares of Valmar Corp. at $32 per share.

April 1 Bought 600 shares of Tirion at $42 per share.

The trading securities have the following market values as of December 31, 2017:

Fair Value per share

Isengard $19.85

Haysend 27.00

Tirion 39.70

Prepare the journal entries for Waymoot Company for:

The 2016 adjusting entry to recognize the fair value of the stocks, if necessary.

The 2017 sale and purchases of stock.

Any necessary 2017 adjusting entry to recognize the fair value of the stocks, if necessary.

Determine the amount of all gains and losses related to the trading securities appearing in Waymoots 2017 income statement $350 gain - $590 loss = $240 loss