On November 1 of Year 1, Drucker Co. acquired the following investments in equity securities measured at FVNI.

On December 31 of Year 1, the companys year-end, the quoted market prices were as follows: Kelly Corporation common stock, $52, and Keefe Corporation preferred stock, $24. Following are the data for Year 2. Mar. 02, Year 2: Dividends per share, declared and paid: Kelly Corp., $1, and Keefe Corp., $0.50. Oct. 01, Year 2: Sold 100 shares of Keefe Corporation preferred stock at $25 per share. Dec. 31, Year 2: Fair values: Kelly common, $46 per share, Keefe preferred, $26 per share.

Please prepare the entries required in Year 2 to record dividend revenue, the sale of stock, and the fair value adjustment. Assume that the Fair Value Adjustment account needs to be adjusted for the investment portfolio on December 31, Year 2.

Kelly Corporation 500 shares of common stock (no-par) at $60 per share Keefe Corporation 300 shares preferred stock ($10 par) at $20 per share