Recording and Reporting Equity Investment: FV-NI Adjust FVA at Sale and Year-End On November 1, 2020, Drucker Co. acquired the following investments in equity securities measured at FV-NI. Kelly Corporation400 shares of common stock (no-par) at $60 per share. Keefe Corporation240 shares preferred stock ($10 par) at $20 per share. On December 31, 2020, the company's year-end, the quoted market prices were as follows: Kelly Corporation common stock, $52, and Keefe Corporation preferred stock, $24. Following are the data for 2021. Mar. 2, 2021 Dividends per share, declared and paid: Kelly Corp., $1, and Keefe Corp., $0.50. Oct. 1, 2021 Sold 80 shares of Keefe Corporation preferred stock at $25 per share. Dec. 31, 2021 Fair values: Kelly common, $46 per share, Keefe preferred, $26 per share. Journal Entries and Financial Statement Presentation for 2020 Journal Entries and Financial Statement Presentation for 2021 a. Prepare the entry for Drucker Company to record the purchase of the securities. Account Name Nov. 1, 2020 Date Dr. Cr. b. Prepare any adjusting entry needed at December 31, 2020. Date Account Name Dr. Dec. 31, 2020 Cr. c. Indicate the items and amounts that should be reported on the 2020 income statement of Drucker and its year-end balance sheet. Assume that the investments are classified as current. Note: Use a negative sign to indicate a loss. Income Statement 2020 Other Revenues and Gains Net gain (loss) on equity securities $ Balance Sheet, December 31 2020 Assets Investment in equity securities $ On November 1, 2020, Drucker Co. acquired the following investments in equity securities measured at FV-NI. Kelly Corporation400 shares of common stock (no-par) at $60 per share. Keefe Corporation240 shares preferred stock ($10 par) at $20 per share. On December 31, 2020, the company's year-end, the quoted market prices were as follows: Kelly Corporation common stock, $52, and Keefe Corporation preferred stock, $24. Following are the data for 2021. Mar. 2, 2021 Dividends per share, declared and paid: Kelly Corp., $1, and Keefe Corp., $0.50. Oct. 1, 2021 Sold 80 shares of Keefe Corporation preferred stock at $25 per share. Dec. 31, 2021 Fair values: Kelly common, $46 per share, Keefe preferred, $26 per share. Journal Entries and Financial Statement Presentation for 2020 Journal Entries and Financial Statement Presentation for 2021 d. Prepare the entries required in 2021 to record dividend revenue, the sale of stock, and the fair value adjustment. Update the Fair Value Adjustment account prior to recording any sa Note: List multiple debits or credits (when applicable) in alphabetical order. Date Account Name Mar. 2, 2021 Dr. Cr. Oct. 1, 2021 To adjust to fair value, investment to be sold. Oct. 1, 2021 To record sale of securities Dec 31, 2021 e. Indicate items and amounts that should be reported on the 2021 income statement and year-end balance sheet. Note: Use a negative sign to indicate a loss. Income Statement 2021 Other Revenues and Gains Dividend revenue $ Net gain (loss) on equity securities $ 2021 Balance Sheet, December 31 Assets Investment in equity securities $