ES Problem 17-5 (Part Level Submission) Sheriden Company has the following securities in its inwestment portfolo on December 31, 2017 (all securities were purchased in 2017): (1) 3,300 shares of preferred stock which cost $231,000. The Fair Value Adjustment account shows a credit of $9,600 at the end of 2017. In 2018, Sheridan completed the following securities transactions. 1. On January 15, sold 3,300 shares of Anderson's common stock at $20 per share less fees of $1,960 2. On April 17, purchased 1,100 shares of Castle's common stock at $32 per share plus fees of $2,030 On December 31, 2018, the market prices per share of these securities were Munter $64, King $40, and Castle $24. In addition, the accounting supervisor of Sheridan told you that, even though all these securities have readily determinable fair values, Sheridan will not actively trade these securities because the top management intends to hold them for more than one year | (a) Your answer is correct. Prepare the entry for the security sale on January 15, 2018. (Credit account titles are automatcally indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Credit Jan. 15, 2018 TCash 64,040 Cx Quiz Example s doc ^ Show All I (c) Your answer is partially correct. Try again. Compute the unrealized gains or losses. Prepare the adjusting entry for Sheridan on December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manualy. If no entry is requlred, select "No Entry" for the account titles and enter O for the amounts.) Credit Account Titles and Explanation Fair Value Adjustment Unrealized Holding Gain or Loss Date Debit Dec. 31, 2018 Income Click if you would like to Show Work for this question: Open Show Work Show All Quiz Example S... doc