McElroy plc has the following portfolio of equity investments on September 30, 2020, its last reporting date. Trading Equity Investments Horton, Inc. ordinary (5,000 shares) Monty, Inc. preference (3,500 shares) Oakwood Corp. ordinary (1,000 shares) Cost 215,000 133,000 180,000 Fair Value 200,000 140,000 179,000 On October 10, 2020, the Horton shares were sold at a price of 54 per share less fees of 1,500. In addition, 3,000 ordinary shares of Patriot were acquired at 54.50 per share plus fees of 1,300 on November 2, 2020. On December 31, 2020, fair values were Monty 106,000, Patriot 132,000, and Oakwood 193,000. All the investments are classified as trading. Required: a. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the trading investments on December 31, 2020 for the last quarter of 2020. b. How would the entries in part (a) change if the investments were classified as non-trading