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The Jones Corp. started operations in 2018. During that year it purchased 20,000 worth of ABC stock and 30,000 of XYZ stock and considered both...

The Jones Corp. started operations in 2018. During that year it purchased 20,000 worth of ABC stock and 30,000 of XYZ stock and considered both trading. At the end of the year, the value of the ABC stock was 18,000 and the XYZ stock was 21,000. Record any necessary adjusting entries. Indicate what effect, if any, these entries have on net income. Also, assume ABC stock was sold in 2019 for 19,000. Record any necessary entries.

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