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Skysong Company has the following portfolio of investment securities at September 30, 2025, its most recent reporting date. Investment Securities Cost Fair Value Horton,
Skysong Company has the following portfolio of investment securities at September 30, 2025, its most recent reporting date. Investment Securities Cost Fair Value Horton, Inc. common (5,500 shares) $236,500 $221,790 Monty, Inc. preferred (3,830 shares) 141,710 149,280 Oakwood Corp.common (980 shares) 179,340 178,430 On October 10, 2025, the Horton shares were sold at a price of $52 per share. In addition, 3,170 shares of Patriot common stock were acquired at $53.00 per share on November 2, 2025. The December 31, 2025, fair values were Monty $114,850, Patriot $137,740, and Oakwood $191,080. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2025. None of these investments represents significant influence. The Fair Value Adjustment account has a zero balance prior to September 30, 2025. (List all debit entries before credit entries. 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 O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit > >
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