Royal Ltd. follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2020:

Investments

Carrying Amount (before adjustment)

Fair Value

1,500 shares of Trevor Hopper, common

$71,500

$69,000

5,000 shares of Linda Lewis, common

180,000

175,000

400 shares of Martin Walker, preferred

60,000

61,600

$311,500

$305,600

In 2021, Royal completed the following securities transactions: March. 1: Sold the 1,500 shares of Trevor Hopper common at $45 per share, less fees of $500. April. 1: Bought 700 shares of Stuart Turley common at $75 per share, plus fees of $1,300.

Instructions: Prepare the Royal Ltd.'s general journal entries for the following, assuming the company does not recognize and report dividends and other components of investment gains and losses separately:

a. The December 31, 2020, adjusting entry.

b. The sale of the Trevor Hopper shares.

c. The purchase of the Stuart Turley shares