On Oct 3, 2021, your company acquired 1,000 shares of Twilight Company common stock at $12 per share. Your company paid cash for this stock that represents 25% of Twilights outstanding common stock. The stock was recorded in the Equity Securities account when it was purchased. Twilights total net income for year ended 12/31/21 was $32,000 which was earned evenly throughout the year. The fair value of Twilights common stock was $17 per share at the end of the year. Nothing has been recorded related to Twilight except for the initial purchase.

The remaining balance in Equity Securities represent stocks owned in a variety of companies. Other than the Twilight stock investment, the ownership percentage is very small for all other equity securities. your company views these securities as a long-term investment but could sell the securities if a need for cash arises. The current market value of the securities (other than Newtech) is $8,600.

The Preliminary Trial Balance has Equity Securities (at Fair Value) with a $22,700 debit balance, and FV Adjustment - Equity Securities with a $3,000 debit balance.

The Post Closing Trial Balance has Equity Securities (at Fair Value) with a $10,700 debit balance, and FV Adjustment - Equity Securities with a $3,000 debit balance.

Prepare end of year adjusting entries, corrections, and any other necessary entries necessary to prepare accurate financial statements.