E17-14B (Equity Investment—Trading) AEP Co. purchased 1,000 shares of Sugarland Company for $22 each this year and classified the investment as a trading security. AEP sold 300 shares of the stock for $25 each. At year end the price per share of the Sugar

E17-14B (Equity Investment—Trading) AEP Co. purchased 1,000 shares of Sugarland Company for $22 each this year and classified the investment as a trading security. AEP sold 300 shares of the stock for $25 each. At year end the price per share of the Sugarland Company had increased to $26.
Instructions
Prepare the journal entries for these transactions and any year-end adjustments.