Corporation completed the following transactions, in the order given, relative to the portfolio of stocks held as equity investments measured at FV-NI.

Year 2020 1. Purchased 150 shares of Starbux Corporation common stock (par value \(\$ 1\) ) at \(\$ 50\) per share plus a brokeraige commission of \(4 \%\) and transfer costs of \(\$ 50\) on August \(1,2020\).

2. Purchased 300 shares of Kolgate Corporation Class \(A\) common stock (par value \(\$ 0.50\) ) at \(\$ 35\) per share plus transfer costs of \(\$ 75\) on September \(15,2020\).

Year 2021 1. Purchased 275 shares of Starbux Corporation common stock at \(\$ 55\) per share plus a brokerage commission of \(4 \%\) and transfer costs of \(\$ 60\) on February 1, 2021.

2. Received declared cash dividends of \(\$ 2.00\) per share on the Kolgate Corporation Class \(A\) common stock on June 30, 2021.

3. Sold 75 shares of Starbux Corporation common stock at \(\$ 58\) per share on August 15, 2021.

Required

a. Provide entries for 5 M Corporation for the purchases of equity securities in 2020 .

b. Provide entries for 5M Corporation to adjust securities to fair value on December 31, 2020.

c. Record the purchase of Starbux Corporation common stock in 2021.

d. Record the receipt of declared dividends on the Kolgate common stock in 2021.

e. Record the sale of Starbux common stock in 2021. Assume FIFO (first-in, first-out) order when shares are sold.

f. Provide the entry for 5M Corporation on December 31, 2021, to adjust the Fair Value Adjustment account.

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Year-End Stock Prices 2020 2021 Starbux, common stock $48 $60 Kolgate, Class A common stock. 38 50