Edmunds Corporation had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. April 16 Purchased 6,000 shares of MYC Company stock at $25 per share. July 7 Purchased 4,500 shares of STO Company stock at $50 per share. July 201 Purchased 2,000 shares of CMO Company stock at $17 per share. Received an $1.40 per share cash dividend on the MYC Company stock. Sold 3,600 shares of MYC Company stock at $28 per share. August 15, August 281 October 1 December 15 Received a $3.00 per share cash dividend on the STO Company shares. Received a $1.70 per share cash dividend on the remaining MYC Company shares. December 31 Received a $2.40 per share cash dividend on the STO Company shares. Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Prepare journal entries to record each of the transactions and events. Prepare the year-end adjustment to fair value, if any. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 Purchased 6,000 shares of MYC Company stock at $25 per share. Note: Enter debits before credits. Date Apr 16 Account Title Debit Credit Journal entry worksheet Book < Print erences 2 3 4 5 6 7 8 9 > Purchased 4,500 shares of STO Company stock at $50 per share. Note: Enter debits before credits. Date Jul 07 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet eBook < 1 2 Print 4 7 8 9 Purchased 2,000 shares of CMO Company stock at $17 per share. References Note: Enter debits before credits. Date Jul 20 Account Title Debit Credit Record entry Clear entry View general journal General Ledger 2.5 points View transaction list eBook Print Journal entry worksheet > 3 5 6 8 9 > Received an $1.40 per share cash dividend on the MYC Company stock References Note: Enter debits before credits. Date Account Title Debit Credit Aug 15 View general journal Record entry Clear entry points View transaction list Journal entry worksheet eBook < 1 2 3 4 6 7 Print Sold 3,600 shares of MYC Company stock at $28 per share. + O References Note: Enter debits before credits. Date Aug 28 Account Title Debit Credit Record entry Clear entry View general journal points eBook Print View transaction list Journal entry worksheet < 1 2 3 4 5 7 8 9 Received a $3.00 per share cash dividend on the STO Company shares. References Note: Enter debits before credits. Date Account Title Debit Credit Oct 01 Record entry Clear entry View general journal 2.5 points View transaction list Journal entry worksheet eBook < Print References 5 6 8 9 Received a $1.70 per share cash dividend on the remaining MYC Company shares. Note: Enter debits before credits. Date Dec 15 Account Title Debit Credit Record entry Clear entry View general journal points eBook Print View transaction list Journal entry worksheet < 1 2 3 5 6 9 > Received a $2.40 per share cash dividend on the STO Company shares. References Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record entry Clear entry View general journal Journal entry worksheet eBook < 1 2 3 4 5 6 7 8 Print Using the information on the Fair Value adjustment tab, prepare an adjusting entry, if necessary, to record the year-end fair value adjustment for the portfolio of short-term investments in available-for-sale securities. References Note: Enter debits before credits. Date Dec 31 Account Title Clear entry Record entry Debit Credit View general journal Requirement General Ledger > April 16 July 7 July 201 August 15 August 28 October 1 December 15 December 31 Purchased 6,000 shares of MYC Company stock at $25 per share. Purchased 4,500 shares of STO Company stock at $50 per share. Purchased 2,000 shares of CMO Company stock at $17 per share. Received an $1.40 per share cash dividend on the MYC Company stock. Sold 3,600 shares of MYC Company stock at $28 per share. Received a $3.00 per share cash dividend on the STO Company shares.. Received a $1.70 per share cash dividend on the remaining MYC Company shares.. Received a $2.40 per share cash dividend on the STO Company shares. Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact General Ledger Account Cash Accounts receivable No. Date Debit Credit Jan 01 Balance 1,175,000 No. Date Debit Credit Balance Jan 01 105,000 Inventory No. Date Jan 01 Debit Credit Balance No. Date Accounts payable Debit Credit Balance 45,000 Jan 01 65,000 No. Date Jan 01 Long-term notes payable Debit Credit Balance No. 310,000 Date Jan 01 Common stock Debit Credit Balance 350,000 Paid-in capital in excess of par - Common Retained earnings No. Date Jan 01 Debit Credit Balance No. Date Debit Credit Balance 100,000 Jan 01 500,000 General Journal Trial Balance > Book Print D orences Requirement vived a $2.40 per share cash dividend on the STO Company shares. General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Select either unadjusted or adjusted from the drop-down below to see the balances before or after the year-end adjustment to fair value. Cash Accounts receivable Inventory Accounts payable Long-term notes payable i Common stock Paid-in capital in excess of par - Common Retained earnings Total Edmunds Corporation Trial Balance December 31, 2022 Account Title General Ledger Fair Value Adj > Debit Credit $ 1,175,000 105,000 45,000 65,000 310,000 350,000 100,000 500,000 $ 1,325,000 $ 1,325,000 Saved The year-end fair values per share are: MYC Company, $26.00; STO Company, $48.50; and CMO Company, $14.00. Calculate the total cost and total fair value of the available-for-sale portfolio as of December 31, and calculate the amount of the required year-end adjusting entry, if any. Step 1: Step 2: Step 3: Cost of investments at December 31: # of Shares MYC Company stock STO Company stock CMO Company Total cost Cost Fair value of investments at December 31: # of Shares Fair value per share Fair Value MYC Company stock STO Company stock CMO Company Total fair value Total unrealized gain/loss as of December 31: Determine what the unadjusted balance in the fair value adjustment equals: Determine what the adjusted balance in the fair value adjustment account. should equal: Determine the amount of the adjustment to the fair value adjustment account required to get from Step 1 to Step 2: Help For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. Apr. 16) Purchased 6,000 shares of MYC Company stock at $25 per share. Jul. 7) Purchased 4,500 shares of STO Company stock at $50 per share. Jul. 20) Purchased 2,000 shares of CMO Company stock at $17 per share. Aug. 15) Received an $1.40 per share cash dividend on the MYC Company stock. Aug. 28) Sold 3,600 shares of MYC Company stock at $28 per share. Oct. 1) Received a $3.00 per share cash dividend on the STO Company shares. Dec. 15) Received a $1.70 per share cash dividend on the remaining MYC Company shares. Dec. 31) Received a $2.40 per share cash dividend on the STO Company shares. Dec. 31) Adjusted the securities to year-end fair value. Totals < Fair Value Adj Change in As a direct As a Total assets component of net income Change in equity: component of Total change stockholders' in equity equity $ 0 0 0 0 0 0 0 0 $ 0 $ 0 $ $ 0 Fin St Impact > Show less A Edmunds Corporation had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. April 16 July 7 July 20 August 15 August 28 October 1 December 15 December 31 Purchased 6,000 shares of MYC Company stock at $25 per share. Purchased 4,500 shares of STO Company stock at $50 per share.. Purchased 2,000 shares of CHO Company stock at $17 per share. Received an $1.40 per share cash dividend on the NYC Company stock. I Sold 3,600 shares of MYC Company stock at $28 per share. Received a $3.00 per share cash dividend on the STO Company shares. Received a $1.70 per share cash dividend on the remaining KYC Company shares. Received a $2.40 per share cash dividend on the STO Company shares. Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Prove the accuracy of your responses on the Transaction Analysis tab by selecting the account titles reported on the income statement or as a component of stockholders' equity. On the transaction analysis tab, you indicated that total income changed by: Select the income statement account balances that prove this amount: $ 0 0 0 Total net income