Check my work Hiker Company completes the following transactions during the current year. May 9 Purchases 320 shares of Higo stock as a short-term investment in available-for-sale securities at a cost of $37 per share plus $198 in broker fees. The broker's commission on this sale is $114. share. June 2 Sells 160 shares of its investment in Higo stock at $40 per share. Dec. 31 The closing market price (fair value) of the Higo stock is $35 per Prepare the May 9 and June 2 journal entries and the December 31 adjusting entry. This is the first and only time the company purchased such securities. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)