question rollo inc held the following securities in its trading portfolio at decembe 4291280
Rollo, Inc. held the following securities in its trading portfolio at December 31, 2014: Rollo had the following securities transactions during 2015: Jan. 7 Sold 700 shares of Pabba Corp. common stock at $55 per share. Jan. 10 Purchased 300 shares of Weblo Inc. common stock at $78 each. May 15 Received a cash dividend of $1.15 per share on Alpha, Inc. stock and $.40 per share on Metro, Inc. stock. Jun. 10 Sold all 800 shares of Metro, Inc. stock at $26 per share. Aug. 1 Purchased an additional 800 shares of Weblo, Inc. common stock at $75 per share. Dec. 1 Received a cash dividend of $1.50 per share on the Weblo, Inc. common stock. At December 31, 2015, the market values of the securities were as follows: REQUIRED: Prepare all of the journal entries required to account for the trading securities transactions above, starting with the adjusting entry required at December 31, 2014.