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On December 21, 2020, Grouper Company provided you with the following information regarding its equity investments December 31, 2020 Investments (Trading) Cost Fair Value Clemson

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On December 21, 2020, Grouper Company provided you with the following information regarding its equity investments December 31, 2020 Investments (Trading) Cost Fair Value Clemson Corp.stock $18.700 $17,600 Colorado Co.stock 9,200 8,300 Buffaloes Co. stock 18.700 19,240 Total of portfolio $46,600 $45.140 Previous fair value adjustment balance Fair value adjustment-Cr. Unrealized Gain (Loss) $(1.100 (900 540 (1,460) 0 $(1.460) During 2021. Colorado Co. stock was sold for $8,770. The fair value of the stock on December 31, 2021, was Clemson Corp, stock- $17.690; Buffaloes Co.stock-$19,130. 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 na entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit (a) Unrealized Holding Gain or Loss-Income 1.460 Fair Value Adjustment 1460 (b) Cash 8770 Loss on Sale of Investments 130 9.200 Equity Investments od Fair Value Adjustment (c 900 Unrealized Holding Gain or Loss -Income Assistance Used e Textbook and Media

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