Question 8 of 12 < > Show Attempt History Current Attempt in Progress On December 21, 2020, Stellar Company provided you with the following information regarding its equity investments. December 31, 2020 Investments (Trading) Clemson Corp. stock Cost $21,300 Fair Value Unrealized Gain (Loss) $20,300 $(1,000) Colorado Co. stock Buffaloes Co. stock 9,100 21,300 8,200 (900) Total of portfolio $51,700 21.860 $50,360 560 (1,340 ) Previous fair value adjustment balance 0 Fair value adjustment-Cr. $(1,340) 0.52/1 E During 2021, Colorado Co. stock was sold for $8,650. The fair value of the stock on December 31, 2021, was Clemson Corp stock- $20,390; Buffaloes Co. stock-$21,770. None of the equity investments result in significant influence (a) Prepare the adjusting journal entry needed on December 31, 2020. (b) Prepare the journal entry to record the sale of the Colorado Co. stock during 2021. Prepare the adjusting journal entry needed on December 31, 2021.