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Exercise 17-7 Your answer is partially correct. Try again. On December 21, 2013, Bucky Katt Company provided you with the following information regarding its trading securities. December 31, 2013 Fair Value Unrealized Gain (Loss) Investments (Trading) Cost Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. $23,810 $22,810 11,820 24,370 $60,440 $59,000 $(1,000 ) (1,000 ) 560 (1,440 ) 12,820 23,810 0 $(1,440) During 2014, Colorado Company stock was sold for $12,290. The fair value of the stock on December 31, 2014, was Clemson Corp. stock-$23,140; Buffaloes Co. stock-$24,170. (a) (b) (c) Prepare the adjusting journal entry needed on December 31, 2013 Prepare the journal entry to record the sale of the Colorado Company stock during 2014. Prepare the adjusting journal entry needed on December 31, 2014