On November 1 of Year 1. Drucker Co. acquired the following investments in equity securities measured at FV-NI. Kelly Corporation 800 shares of common stock tno-par) at $60 per share Keefe Corporation 480 shares preferred stock ($10 pari at $20 per share On December 31, the company's 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 the following year (Year 2). Mar, 02: Dividends per share, declared and paid: Kelly Corp., $1, and Keefe Corp., $0.50. Oct. 01: Sold 160 shares of Keefe Corporation preferred stock at $25 per share. Dec. 31: Fair values: Kelly common, $46 per share, Keefe preferred, $26 per share. Year 11 Year 2 a. Prepare the entry for Drucker Company to record the purchase of the securities. b. Prepare any adjusting entry needed at December 31, Year 1.1 Note: If a journal entry isn't required for the transaction, select "N/A-Debit" and "N/A-Credit" as the account names and leave the Dr. and Cr. answers blank (zero) Date Nov. 1, Year 1 Account Name Investment in Stock Cash To record purchase of securities Dec. 31, Year 1 Unrealized Gain or Less-income Fair Value Adjustment-Equity Securices To record aduatingent Debit 57,600 Credit 57,600 4,480 4480 c. Indicate the items and amounts that should be reported on the Year 1 income statement of Drucker and its year-end balance sheet. Assume that the investments are classified as current Note: Use a negative sign to indicate a loss. Income Statement Other Revenues and Gains Year 1 Net gain Goss) on equity securities S (4,480) Balance Sheet, Dec. 31, Year 1 Assets investment in equity secunties 53.120 Check