Sarasota Company has the following portfolio of investment securities at September 30, 2020, its last reporting date. Trading Securities Cost Fair Value Perry, Inc. common (12,000 shares) $384.000 $366.800 Platter, Inc. common (6,000 shares) 252,000 255,800 Pokey Corp. preferred (900 shares) 77,400 72.900 On November 5, 2020, the Platter shares were sold at a price of $44 per share. In addition, 7,200 shares of Patriot common stock were acquired at $39 per share on November 26, 2020. The December 31, 2020, fair values were Perry $363,900, Pokey $73,300, and Patriot common $286,100. All the securities are classified as trading. (a) Your answer is correct. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the trading securities in the last quarter of 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Nov.5.2020 Cash 264,000 Equity Investments 25 Gain on Sale of Investments 1 Nov. 26, 2020 Equity Investments 280,800 Cash 28 Dec 31, 2020 Unrealized Holding Gain or Loss -Income 1.000 Date Account Titles and Explanation Debit Credit 2020 V Cash 264,000 Equity Investments 252,000 Gain on Sale of investments 12,000 2020 Equity Investments 280,800 Cash 280.800 .2020 Unrealized Holding Gain or Loss -Income 1,000 Fair Value Adjustment 1,000 eTextbook and Media List of Accounts Attempts: 1 of 1 used (b) How would the entries in part (a) change if the securities were classified as available-for-sale? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit