At December 31, 2010, Weston Manufacturing Co. owned the following short-term investments in capital stock of publicly traded companies:

In 2011, Weston engaged in the following two transactions:Apr. 10 Sold 1,000 shares of its investment in Footlocker, Inc., at a price of $21 per share, less a brokerage commission of $50. Aug. 7 Sold 2,000 shares of its investment in The Gap, Inc., at a price of $14 per share, less a brokerage commission of $60. At December 31, 2011, the market values of these stocks were: Footlocker, Inc., $18 per share; and The Gap, Inc., $16 per share.

Required: a. Prepare journal entries to record the transactions on April 10 and August 7. b. Prepare the fair value adjusting entry required at December 31, 2011.