Dr Brenner provided the following info:

Investment: Shares: Cost: Fair Value (12-1-20)

Shirley Semolina 2000 120,000 124,000

Laurens Lasagna 1000 70,000 69,000

Claribel Capellini 1500 121,500 126,000

Robbie Rigatoni 2000 76,000 80,000

Total 387,500 399,000

During December the following transactions occurred:

12-9 500 shares of Shirley Semolina were sold for 26,000

12-16 800 shares Lauren's Lasagna were sold for 62,400

12-20 400 shares of Victoria's Sono Buoni were acquired for 11,300

12-31 2000 shares of Robbie Rigatoni were sold for 60,000

On December 31, 2020 the following securities remained in the Dr Brenner's trading portfolio:

Investment: 12-31-20 Fair Value

Shirley Semolina 85,500

Laurens Lasagna 18,200

Claribel Capellini 124,500

Victoria's Sono Buoni 11,600

239,800

Prepare

A. The adjusting journal entry required on November 30, 2020. Assume $5200 credit balance in the security fair value adjustment account prior to adjustment

B. The journal entries to record December purchase and sales transactions

C. The adjusting journal entry required on December 31, 2020