On March 1, 2015, Young Company Paid Cash to Purchase

Essay

On March 1, 2015, Young Company paid cash to purchase the following stocks as long-term investments in available-for-sale securities:
Old Corporation common stock (par $5), 2,000 shares at $5 per share (10% of outstanding shares)
ABC Corporation common stock (par $10), 3,000 shares at $25 per share (15% of outstanding shares)
XYZ Corporation common stock (par $10), 3,000 shares at $20 per share (10% of outstanding shares)
The market prices per share at December 31, end of the accounting period, were as follows: $\begin{array}{lll}\text { Stock }&\text { Dec. } 31,2015&\text { Dec. } 31,2016\\\hline\text { Old common } & \$ 6 & \$ 7 \\\text { ABC common } & \$ 24 & \$ 25 \\\text { XYZ common } & \$ 21 & \$ 17\end{array}$ Required:
Prepare the required journal entries at the following dates: March 1, 2015, December 31, 2015 and December 31, 2016.