Prepare Tiker Company's journal entries to record the following transactions and the adjusting entry to record the fair value of the stock investments portfolio. This is the first and only time the company purchased such securities$.$

May $9$ Purchases $400$ shares of Higo stock as a short$-$term investment at a cost of $$45$ per share. Tiker has insignificant influence over Higo.

June $2$ Sells $160$ shares of its investment in Higo stock $($ $$7,200$ cost$)$ at $$48$ per share. December $31$ The closing market price $($fair value$)$ of the Higo stock is $$43$ per share.

Journal entry worksheet

$1$

$2$

$3$

Purchases $400$ shares of Higo stock as a short$-$term investment at a cost of $$45$ per share. Tiker has insignificant influence over Higo.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$May $09,,,],[,,,],[,,,],[,,,],[,,,]]$