Exercise 17-7 On December 21, 2017, Ivanhoe Company provided you with the following information regarding its equity investments. December 31, 2017 Unrealized Gain (Loss) Fair Cost Value 20,800$19,900 20,800 21,420 Investments (Trading) Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock Total of portfolio $(900) (1,000) 620 (1,280) 9,300 8,300 $50,900$49,620 0 Previous fair value adjustment balance $(1,280) Fair value adjustment-Cr. During 2018, Colorado Company stock was sold for $8,790. The fair value of the stock on December 31, 2018, was Clemson Corp. stock- $19,990; Buffaloes Co, stock-$21,320. None of the equity investments result in significant influence. (a) Prepare the adjusting journal entry needed on December 31, 2017 (b) Prepare the journal entry to record the sale of the Colorado Co. stock during 2018. (c) Prepare the adjusting journal entry needed on December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry for the account tities and enter 0 for the amounts.)