ces QS 15-12 (Algo) Adjusting stock investments to fair value LO P4 Prepare Tiker Company's journal entries to record the following transactions and the adjusting entry to record the fair value of the stock investments portfolio. This is the first and only time the company purchased such securities. May 9 Purchases 380 shares of Higo stock as a short-term investment at a cost of $43 per share. Tiker has insignificant influence over Higo. June 2 Sells 140 shares of its investment in Higo stock ($6,020 cost) at $46 per share. December 31 The closing market price (fair value) of the Higo stock is $41 per share. View transaction list Journal entry worksheet 1 2 3 Purchases 380 shares of Higo stock as a short-term investment at a cost of $43 per share. Tiker has insignificant influence over Higo. Note: Enter debits before credits. Date May 09 General Journal Debit Credit View transaction list Journal entry worksheet 1 2 3 Sells 140 shares of its investment in Higo stock ($6,020 cost) at $46 per share. es Note: Enter debits before credits. Date June 02 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 The closing market price (fair value) of the Higo stock is $41 per share. Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal