prepare journal entries to record the facts in the case assuming that hill nielson p 558853

Recording Passive Investments On September 15, 2011, Hill Nielson Corporation purchased 7,000 shares of Community Communications Company for $32 per share. The following information applies to the stock price of Community Communications:

Required:

1. Prepare journal entries to record the facts in the case, assuming that Hill Nielson purchased the shares for the trading securities portfolio.

2. Prepare journal entries to record the facts in the case, assuming that Hill Nielson purchased the shares for the available for sale securities portfolio.