automatically wing Inc.'s non-strategic investment portfolio at December 31, 2019, consisted of the following: Debt and Equity Investments Cost Fair Value 50,000 Cumber Corp.common shares. $138,000 $145,000 18,000 Olds Inc. common shares... 124,200 118,900 45,000 Waters Corp. common shares... 265,500 261,000 *The fair value adjustments were recorded on December 31, 2019. rving Inc. had no other debt and equity investments at December 31, 2019, other than those shown above. During 2020, Irving engaged in he following transactions 2020 Feb. June July 2 Sold 45,000 of the Cumber Corporation shares for $2.48 per share. 27 Purchased 280,000 common shares of King Corp. for $540,000. The shares represent a 38% ownership in King Corp. 30 Received dividends of $0.45 per share from King Corp. 3 Sold the remaining Cumber Corporation shares for $14,680. 7 Purchased a 15% ownership in Amber Corp, by acquiring 45,000 common shares at $14.50 per share. Irving Inc. plans to sell these shares in six to nine months. 30 Sold 25,000 shares of Waters Corp. for $5.40 per share. 31 King Corp. announced a loss of $40,000 for the year. Aug Dec. Required 1. Calculate the total fair value adjustment that was recorded on December 31, 2019, 2. Journalize the 2020 transactions as detailed above. Problem 15-6B Accounting for share investments L04 Page 1023