On December 31, 2019, Crown owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. Ordinary Shares Shares Cost Ocean Co. 4,000 KD 30,000 Sand Co. 3,000 36,000 In 2020, the following transactions occurred. July 1 Sept. 1 Received KD 1.750 per share cash dividend on Sand Co. ordinary shares. Sold 2,000 ordinary shares of Ocean Co. for cash at KD 11 per share. Received KD 0.250 per share cash dividend on Ocean Co. ordinary shares. Dec. 15 At December 31, 2020, the fair value for the securities were: Ocean Co. KD 14,000 and Sand Co. KD 31,000. The Fair Value AdjustmentNon-Trading account had a prior credit balance of KD 3,000. Instructions (a) Journalize the 2020 transactions Date Accounts Debit Credit July 1 Sept. 1 Dec. 15 (b) Prepare the adjusting entry at December 31, 2019, to show the securities at fair value. Date Accounts Debit Credit Dec. 31 (c) Prepare the required closing entry related to the investment securities Date Accounts Debit Credit Dec. 31