On December 31, 2019, Sheffield Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term profit-taking:

		December 31, 2019
Investments		Carrying Amount				Fair Value
Moonstar Corp. shares			$21,000			$20,000
Bilby Corp. shares			10,500			9,500
Radius Ltd. shares			21,000			21,600
Total portfolio			$52,500			$51,100

During 2020, the Bilby Corp. shares were sold for $10,000. The fair values of the securities on December 31, 2020, were as follows: Moonstar Corp. shares $20,800 and Radius Ltd. shares $21,500. The company does not recognize and report dividends and other components of investment gains and losses separately.

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Your answer is partially correct.

Prepare the adjusting journal entry needed on December 31, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

Prepare the journal entry to record the sale of the Bilby Corp. shares during 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

Prepare the adjusting journal entry needed on December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

*Unrealized Gain or Loss and fair value adjustment are considered wrong entries