Exercise 17-7 On December 21, 2017, Whispering Company provided you with the following information regarding its equity investments, December 31, 2017 Fair Unrealized Gain Investments (Trading) Cost Value (Loss) Clemson Corp. stock $20,300 $19,200 5(1,100) Colorado Co. stock 10,500 9,500 (1,100) Buffaloes Co. stock 20,300 20,900 600 Total of portfolio $51,200 $49,600 (1,600 ) Previous fair value adjustment balance Fair value adjustment-cr. 5(1,600 ) During 2018, Colorado Company stock was sold for $10,010. The fair value of the stock on December 31, 2018, was Clemson Corp. stock-$19,290; Buffaloes Co. stock-$20,800. 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