E17-9 (Equity Investments) On December 21, 2015, Zurich Company provided you with the following information regarding its trading investments. December 31, 2015 Cost 20,000 10,000 20,000 50,000 Investments (Trading) Fair Value 19,000 9,000 20,600 48,600 Unrealized Gain (Loss) Stargate Corp. shares Carolina Co. shares Vectorman Co. shares (1,000) (1,000) 600 Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. (1,400) -0 (1,400) During 2016, Carolina Co. shares were sold for 9,500. The fair value of the shares on December 31, 2016, was Stargate Corp. shares -19,300; Vectorman Co. shares 20,500. Instructions (a) Prepare the adjusting journal entry needed on December 31, 2015. (b) Prepare the journal entry to record the sale of the Carolina Co. shares during 2016. (c) Prepare the adjusting journal entry needed on December 31, 2016