Galaxy company completes the following transactions during the first year. May 9 Purchase 400 shares of X&O stock as a short-term investment in available for sale securities at a cost of $50 per share plus $400 in broker fees. June 2 Sells 200 shares of its investment in X&O stock at $56 per share. The broker's commission on this sale is $180 Dec 31 The closing market price (fair value) of the X&O stock is $46 per share. Prepare the may 9 and June 2 journal entries and the December 31 adjusting entry. This is the first and only time the comopany purchased such securities