On 1 November 20X8, Porter Company acquired the following FVTPL investments: Minto Corp.-2,900 common shares at $20 cash per share Pugwash Corp.-750 preferred shares at $30 cash per share The annual reporting period ends 31 December. Quoted fair values on 31 December 20X8 were as follows: Minto Corporation common, $17 Pugwash Corporation preferred, $31 The following information relates to 20X9: es 2 March 1 October Received cash dividends per share as follows: Minto Corporation, $2.40; and Pugwash Corporation, $1.10. Sold 180 shares of Pugwash Corporation preferred at $33 per share. Fair values were as follows: Minto common, $26, and Pugwash preferred, $30. 31 December Saved Help Save & Exit Required: 1. Prepare the entry for Porter Company to record the purchase of the securities. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Check my View transaction list Journal entry worksheet 1 Record the acquisition of investment. Note: Enter debits before credits. Date General Journal Debit Credit 1 Nov. 20X8 1 Record the acquisition of investment. Note: Enter debits before credits. Date General Journal Debit Credit 1 Nov. 20X8 Record entry Clear entry View general journal 2. Prepare the adjusting entries needed at the end of 20X8. (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 1 2 S Record the holding loss/gain on Pugwash Co. Shares. Note: Enter debits before credits. Debit Date Credit General Journal 31 Mar Hobo 4:17 3. Show the amount that would be reported in 20X8 earnings and the asset amounts on the statement of financial position. Earnings, 20X8: Statement of financial position, 31 December 20X8: FVTPL investments, at fair value