2. Accounting for Equity Securities (15 points) On its December 31, 2020 balance sheet, Buff Company appropriately reported a $22,000 debit balance in its Fair Value Adjustment - Equity Investments account. The following information pertains to the portfolio for 2021: Security Cost Fair value at 12/31/21 Dividends Received in 2021 Mildcats, Inc. $172,000 $172,000 $1,300 Silence of the Rams Co. 110,000 125,000 $1,000 Gopher 20,000 24,500 $200 $302.000 S321.500 a) Buff Co. is a calendar year-end reporting company. By how much would Buff's overall net income be impacted from its investment in the portfolio for 2021? (5 pts) b) On January 20, 2022, Buff Co. sold its position in Silence of the Rams for $117,000. Please record the journal entry to recognize the sale. (3 pts) c) On June 30, 2022, Buff Co. purchased 12,000 shares of Trojan Company common stock at $25 per share. The investment is included in the Equity Investment portfolio. Please record the journal entry to record the purchase. (2 pts) At the end of 2022, Buff's portfolio had the following fair values: Security Fair value at 12/31/22 Mildcats, Inc. $168,000 Gopher 31,000 Trojan Company 326,000 $525.000 d) Record the adjusting journal entry to update the portfolio to fair value at 12/31/22. (5 pts)