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

December 31, 2020
Investments (Trading)		Cost		Fair Value		Unrealized Gain (Loss)
Clemson Corp. stock		$21,200		$20,100		$(1,100	)
Colorado Co. stock		9,300		8,200		(1,100	)
Buffaloes Co. stock		21,200		21,740		540
Total of portfolio		$51,700		$50,040		(1,660	)
Previous fair value adjustment balance						0
Fair value adjustmentCr.						$(1,660	)

During 2021, Colorado Co. stock was sold for $8,750. The fair value of the stock on December 31, 2021, was Clemson Corp. stock$20,210; Buffaloes Co. stock$21,650. 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.

On December 21, 2020, Wildhorse Company provided you with the following information regarding its equity investments. December 31, 2020 Investments (Trading) Fair Cost Value Clemson Corp. stock $21,200 $20,100 Colorado Co. stock 9,300 8,200 Buffaloes Co. stock 21,200 21,740 Total of portfolio $51,700 $50,040 Previous fair value adjustment balance Fair value adjustment-Cr. Unrealized Gain (Loss) $(1,100) (1,100) 540 (1,660 ) 0 $(1,660) During 2021, Colorado Co. stock was sold for $8,750. The fair value of the stock on December 31, 2021, was Clemson Corp. stock-$20,210; Buffaloes Co. stock- $21,650. 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. (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 o for the amounts.) No. Account Titles and Explanation Debit Credit (a) Unrealized Holding Gain or 16607 T Fair Value Adjustment 1660 (b) Cash 8750 Loss on Sale of Investmen 550 T Equity Investments 9300 (C) Fair Value Adjustment 1210 1 Unrealized Holding Gair 1210