Prepare Hertog Company's journal entries to reflect the following transactions for the current year. May 7 Purchases 200 shares of Kraft stock as a short-term investment in trading securities at a cost of $50 per share plus $300 in broker fees. June 6 Sells 200 shares of its investment in Kraft stock at $56 per share. The broker's commission on this sale is $150.
Short-term Investments-Trading (Kraft) ?
Gain on sale of short-term investments?
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