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 280 shares of Higo stock as a short-term investment at a cost of $33 per share. Tiker has insignificant influence over Higo. June 2 Sells 60 shares of its investment in Higo stock (\$1,980 cost) at $36 per share. December 31 The closing market price (fair value) of the Higo stock is $31 per share. Journal entry worksheet Purchases 280 shares of Higo stock as a short-term investment at a cost of $33 per share. Tiker has insignificant influence over Higo. Note: Enter debits before credits