Question 5 incorrect Mark 0.00 out of 4,00 P Pag question Adjust FVA at Year-End SM Corporation completed the following transactions, in the order given, relative to the portfolio of stocks held as equity investments measured at FV-NI. Year 1 1. Purchased 150 shares of Starbux Corporation common stock (par value $1) at $50 per share plus a brokerage commission of 4% and transfer costs of $50 on August 1, Year 1. 2. Purchased 300 shares of Kolgate Corporation Class A common stock (par value 50.50) at $35 per share plus transfer costs of $75 on September 15, Year 1. Year 2 1. Purchased 275 shares of Starbux Corporation common stock at $55 per share plus a brokerage commission of 4% and transfer costs of 560 on February 1, Year 2 2. Received declared cash dividends of 52.00 per share on the Kolgate Corporation Class A common stock on June 30, Year 2. 3. Sold 75 shares of Starbux Corporation common stock at $58 per share on August 15, Year 2. Year-End Stock Prices Starbux, common stock Kolgate, Class A common stock Year 1 Year 2 548 560 38 50 Journal Entries for Year 1 Journal Entries for Year 2 a. Provide entries for SM Corporation for the purchases of equity securities in Year 1. Account Name Date (1) Aug 1. Year 1 Debit 7,850 Credit OX 7,850 x To record investment purchase