Exercise 12-8 Classification of securities, adjusting entries [L012-3] On February 18, 2016, Union Corporation purchased 13,000 shares of IBM common stock as a long-term investment at $63 per share. On December 31, 2016, and December 31, 2017, the market value of IBM stock is $61 and $64 per share, respectively. Required: 2. & 3. Prepare the adjusting entry for December 31, 2016 and 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the adjusting entry for December 31, 2016. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2016 Record entry Clear entry View general journal