On December 21, 2020, Shamrock Company provided you with the following information regarding its equity investments. December 31, 2020 Investments (Trading) Cost Fair Value Clemson Corp. stock $20,800 $19,900 Colorado Co.stock 9,300 8,300 Buffaloes Co. stock 20,800 21,420 Total of portfolio $50,900 $49,620 Previous fair value adjustment balance Fair value adjustment-Cr. Unrealized Gain (Loss) $(900) (1,000) 620 (1,280) 0 $(1,280) During 2021, Colorado Co.stock was sold for $8,790. The fair value of the stock on December 31, 2021, was Clemson Corp.stock- $19,990; Buffaloes Co.stock-$21,320. None of the equity investments result in significant influence. (a) (b) (c) Prepare the adjusting journal entry needed on December 31, 2020. Prepare the journal entry to record the sale of the Colorado Co.stock during 2021. Prepare the adjusting journal entry needed on December 31, 2021