On December 21, 2017, Swifty Company provided you with the following information regarding its equality investments

December 31, 2017

Investments (trading) Cost Fair Value Unrealized Gain (loss)

Clemon Corp stock $19,200 $18, 300 $(900)

Colorado co stock 9,300 8,300 (1,000)

Buffaloes co stock 19,200 19,790 590

total of portfolio 47,700 $46,390 1,310

Fair value adjustments-Cr $1,310

During 2018, Calorado Company stock was sold for $ 8,840. The fair value of the stock on December 31, 2018, was Clemson corp. stock- $18,400; Buffaloes co

stock- $19,680. None of the equity investments result in significant influence.

(a) Prepare the adjusting journal entry needed on December 31, 2017.

(b) Prepare the journal entry to record the sales of the Colorado co stock during 2018

(c) Prepare the adjusting journal entry needed on December 31, 2018

No Account Titles and Explanation Debit Credit

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