Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 31, Mars Company had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Stock Investments Apple stock Chipotle stock Under Armour stock Cost $ 5,800 4,100 11,400 Fair Value $ 8,000 2,400 13,500 Exercise 15-10 (Algo) Fair value adjustment to stock investments with insignificant influence LO Prepare the December 31 adjusting entry to report these investments at fair value. View transaction list Journal entry worksheet 1 Record the year-end adjustment to fair value, if any. > Tableau DA 15-2: Exercise, Accounting for stock investments with insignificant influence LO P4 [similar to EX 15-10] As financial reporting advisors, we are asked by the head of Sterling Company to advise in accounting for stock investments. This is the first year Sterling had extra cash to invest in stock investments, and it purchased 1,000 shares of LDX for $23 on January 1 of this year. The Tableau Dashboard is provided to aid us in our analysis. Fair Value $30,000 $27,500 $25,000 $22,500 $20,000 $17,500 Fair Value of Stock Investments Portfolio Dividend Dividend $15,000 January 1 December 31 +ableau K % TO 1. Prepare Sterling's journal entry to record the receipt of dividends on LDX stock on May 10 and November 12. 2. Prepare Sterling's December 31 year-end adjusting entry to report its stock investments with insignificant influence at fair value. 3. Sterling sells a portion of its LDX stock (for $550 cash that had cost $400) on January 3 of next year. Prepare the entry for the sale of those stock investments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare Sterling's journal entry to record the receipt of dividends on LDX stock on May 10 and November 12. View transaction list Journal entry worksheet 1 2 Record the receipt of dividends on LDX stock on May 10. Note: Enter debits before credits. Date May 10 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 Record the receipt of dividends on LDX stock on November 12. Note: Enter debits before credits. Date Nov 12 General Journal Debit Credit Record entry Clear entry View general journal