On December 31, 2020, InterSteel Inc. provided you with the following information regarding its equity securities: All of the securities were purchased during 2020. During 2021, InterSteel sold its Lorton Corp. stock for $33,200. The fair value of the stock on December 31,2021 , was: JAK Inc. stock- $47,600; Kibby Co. stock- $95,400. None of the equity investments result in significant influence. Instructions: (a) Prepare the adjusting journal entry needed on December 31, 2020. (b) Prepare the journal entry to record the sale of the Lorton Corp. stock during 2021. (c) Prepare the adjusting journal entry needed on December 31, 2021