S 15-12 (Algo) Adjusting stock investments to fair value LO P4 Prepare Tiker Company's journal entries to record the following transactions and the adjusting entry to record the fair value of the stock investments portfolio. This is the first and only time the company purchased such securities. May 9 Purchases 290 shares of Higo stock as a short-term investment at a cost of $34 per share. Tiker has insignificant influence over Higo. June 2 Sells 65 shares of its investment in Higo stock ($2,210 cost) at $37 per share. December 31 The closing market price (fair value) of the Higo stock is $32 per share. Answer is not complete. No 1 Date May 09 General Journal Equity method investments Cash 2 June 02 Cash Gain on sale of stock investments > > Debit Credit 9,860 9,860 2,405 195 2,210 Equity method investments 3 December 31 Unrealized loss - Equity 450 Fair value adjustment - Stock 450