Hiker Company completes the following transactions during the current year.

May 9 Purchases 200 shares of Higo stock as a short-term investment in available-for-sale securities at a cost of $25 per share plus $150 in broker fees.

June 2 Sells 100 shares of its investment in Higo stock at $28 per share. The brokers commission on this sale is $90.

Dec. 31 The closing market price (fair value) of the Higo stock is $23 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 company purchased such securities.(If no entry is required select No journal entry required in the first entry field)