On December 31, 2020, Hubble Corp. has the following securities in its portfolio of temporary investments:

CostMarket

5,000 common shares of Orion Corp.$ 80,000$ 69,500

10,000 common shares of Rigel Ltd.91,00092,500

$171,000$162,000

All of the securities had been purchased in 2018. In 2021, Hubble completed the following securities transaction:

Apr 1Bought 300 common shares of Aries Corp. @ $50 each, plus fees of $550.

On December 31, 2021, Hubble's portfolio of trading equity securities appeared as follows:

Cost/ Carrying ValueMarket

5,000 common shares of Orion Corp.$ 69,500$ 78,000

10,000 common shares of Rigel Ltd.92,50099,250

300 common shares of Aries Corp.15,55012,750

$177,550$190,000

Instructions

Assuming Hubble uses the FV-NI model, prepare the general journal entries for:

a)the 2020 year-end adjusting entry,

b)the purchase of the Aries Corp. shares.

c)the 2021 year-end adjusting entry.