Trading Securities P 1. Omar Corporation which has begun investing in trading se

Trading Securities P 1. Omar Corporation which has begun investing in trading securities engaged in the following transactions: Jan. 6 Purchased 7000 shares of Quaker Oats stock $30 per share. Feb. 15 Purchased 9000 shares of EG&G $22 per share. At year end on June 30 Quaker Oats was trading at $40 per share and EG&G was trading at $18 per share. Record the entries in journal form for the purchases. Then record the necessary year-end adjusting entry. (Include a schedule of the trading portfolio cost and market in the explanation.) Also record the entry for the sale of all the EG&G shares on August 20for $16 per share. Is the last entry affected by the June 30 adjustment?