Question 3 Investments fair value adjustment Cima Inc. purchased two equity investments during 2020. On 4/20/2020, Cima acquired 8,000 shares of Alcorn, Inc. at $20 per share plus brokerage fees of $375. On 7/10/2020, Cima acquired 4,000 shares of Miller, Inc. for $22 per share, plus brokerage fees of $225. Cima's intent for both investments was to try to make short term gains; neither resulted in significant influence over the investee. Both firms' shares were actively traded on a regional stock exchange. Market prices of Alcorn and Miller were as follows at year end 2020 and 2021: Alcorn Miller 12/31/2020 $23 $18 12/31/2021 $28 Required: (a) How should these securities be valued? Why? (b) Present required entries at acquisition of the stocks and at the end of 2020. (c) If the entire investment in Miller is sold in 2021 when the market price is $24 per share, what journal entries is Cima required to make? (d) If any, provide Cimas journal entry for investment in Alcorn for 2021. If no journal entries are required, please state so