On December $21,2020,$ Pronghorn Company provided you with the following information regarding its equity investments.

During $2021,$ Colorado Co$.$ stock was sold for $$8,550.$ The fair value of the stock on December $31,2021,$ was Clemson Corp. stock$-$

$$18,010$; Buffaloes Co$.$ stock $$19,430.$ None of the equity investments result in significant influence.

$($a$)$ Prepare the adjusting journal entry needed on December $31,2020.$

$($b$)$ Prepare the journal entry to record the sale of the Colorado Co$.$ stock during $2021.$

$($c$)$ Prepare the adjusting journal entry needed on December $31,2021.$

$($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for

the account titles and enter $0$ for the amounts.$)$