Krogstad Corporation bought 1,000 shares of Cole Inc. common stock for $90 per share Three months later, the shares were sold for $110 per share Required: 1. Prepare the appropriate journal entry to record the purchase of the stock. 2. Prepare the appropriate journal entry to record the sale of the stock. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry to record the purchase of the stock. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the purchase of the stock. Note; Enter debits before credits Required 1 Required 2 Prepare the appropriate journal entry to record the sale of the stock. (If no entry is required for a entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record updation of the fair value adjustment. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 110,000 Cash Investment in equity securities Fair value adjustment 90,000 20,000 Record entry Clear entry View general journal Required 1 Required 2 Prepare the appropriate journal entry to record the sale of the stock. (If no entry is required for a transaction/event entry required" in the first account field.) View transaction list Journal entry worksheet 2 Recording the sale transaction. Note: Enter debits before credits Credit Transaction 2 General Journal Fair value adjustment Gain on investments (unrealized, NI) Debit 20,000 20,000 Record entry Clear entry View general Journal