#1. (Equity Securities Entries) On December 31, 2020, InterSteel Inc. provided you with the following information regarding its equity securities: Investments JAK Inc. stock Kibby Costock Lorton Corp. stock Total of portfolio December 31, 2020 Cost Fair Value $ 40,000 $ 46,000 101.000 99,500 31,000 34 500 5172,000 S180.000 All of the securities were purchased during 2020. During 2021, InterSteel sold its Lorton Corp. stock for $33,200. The fair value of the stock on December 31, 2021, was: JAK Inc. stock547,600; Kibby Co. stock-$95,400. None of the equity investments result in significant influence. INSTRUCTIONS (a) Prepare the journal entry needed for the purchase of stock in 2020. Debit Credit (b) Prepare the adjusting journal entry needed on December 31, 2020. Debit Credit (c) Prepare the journal entry to record the sale of the Lorton Corp. stock during 2021. Debit Credit (d) Prepare the adjusting journal entry needed on December 31, 2021. Debit Credit