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

Cost Market

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

10,000 common shares of Rigel Ltd. 91,000 92,500

$171,000 $162,000

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

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

On December 31, 2021, Hubbles portfolio of trading equity securities appeared as follows:

Cost/ Carrying Value Market

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

10,000 common shares of Rigel Ltd. 92,500 99,250

300 common shares of Aries Corp. 15,550 12,750

$177,550 $190,000

Instructions

Assuming Hubble uses the FVNI 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.