Exercise 17-7 On December 21, 2017, Pronghorn Company provided you with the following information regarding its equity investments. December 31, 2017 Fair Investments (Trading) Cost Value Clemson Corp. stock $19,800 $18,900 Colorado Co. stock 9,400 8,500 Buffaloes Co. stock 19,800 20,450 Total of portfolio $49,000 $47,850 Previous fair value adjustment balance Fair value adjustment-Cr. Unrealized Gain (Loss) $(900) (900) 650 (1,150 ) 0 $(1,150 ) During 2018, Colorado Company stock was sold for $8,960. The fair value of the stock on December 31, 2018, was Clemson Corp. stock-$19,000; Buffaloes Co. stock-$20,360. None of the equity investments result in significant influence. (a) (b) (c) Prepare the adjusting journal entry needed on December 31, 2017. Prepare the journal entry to record the sale of the Colorado Co. stock during 2018. 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 titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b) (c) Click if you would like to Show Work for this question: Open Show Work