1 Paddington Company has the following securities in its portfolio of trading equity securities on 12/31/20: 2 3 4 5 5,000 shares of Silver Corp. 10,000 shares of Monica Co. 2,000 shares of Franklin Co. Cost Fair Value $146,000 $126,500 180,000 185,000 52,000 52,600 $378,000 $364,100 6 7 00 9 All of the securities had been purchased in 2020. 10 11 12 In 2021, Paddington completed the following securities transactions: 3/1 Sold 5,000 shares of Silver Corp. @ $26 less fees of $1,500. 7/1 Bought 600 shares of Elm Stores @ $42 plus fees of $550. 13 14 15 The Paddington Company portfolio of trading equity securities appeared at the end of 2021: 16 17 18 19 10,000 shares of Monica Co. 2,000 shares of Franklin Co. 600 shares of Elm Stores Cost Fair Value $180,000 $198,500 52,000 53,000 25,750 23,800 $257,750 $275,300 20 21 22 23 24 Prepare the general journal entries for Paddington Company for: (a) the 2020 adjusting entry. (b) the sale of the Silver Corp. stock and the purchase of the Elm Stores stock (c) the 12/31/21 adjusting entry. 25 26 27