Please answer the questions ab and c.

6. Funk Company has the following securities in its investment portfolio on December 31, 2019 (all securities were purchased in 2017): (1) 5,000 shares of Beem Co. common stock which cost $55,000, (2) 30,000 shares of Lenard Co. common stock which cost $150,000, and (3) 4,000 shares of Taylor Co. common stock which cost $120,000. The Fair Value Adjustment account shows a credit of $8,500 at the end of 2016. In 2020 Funk completed the following securities transactions: (a) On March 15, sold 2,000 shares of Beem's common stock at $10 per share less fees of $150. (b) On June 1, purchased 10,000 shares of Chong Co. common stock at $12 per share plus fees of $200. On December 31, 2020, the market values per share of these securities were: Beem $8, Lenard $10, Taylor $28, and Chong $15. In addition, the Treasurer of Funk told you that, even though all these securities have readily determinable fair values, Funk will not actively trade these securities because the company plans to hold them for more than one year. Instructions: (a) Prepare the entry for the security sale on March 15, 2020. (b) Prepare the journal entry to record the security purchase on June 1, 2020. (c) Compute the unrealized gains or losses and prepare the adjusting entry for Beem on December 31, 2020