SLC Corp. has the following portfolio of securities acquired for trading purposes and accounted for using the FV-NI model. SLC Inc. prepares financial statements every quarter. At Sept 30, 2021, the end of the companys third quarter, the following information was reported: Investment Cost Fair Value

50,000 Common Shares Seneca Inc. $215,000 $200,000

3,500 Preferred Shares Loyalist Inc. $135,000 $140,000

2,000 Common Shares Algonquin Inc. $180,000 $179,000

Transactions that occurred in the fourth quarter:

Oct 8, 2021 The Seneca Shares were sold for $4.30 per share

Nov 16, 2021 3,000 common shares of Humber Inc. were purchased at $44.50 per share SLC Inc. pays a 1% commission on purchase and sales of all securities. At the end of the fourth quarter, on December 31, 2021, the fair value of the shares were as follows:

Investment Fair Value Loyalist Inc.

$106,000 Algonquin Inc. $203,000

Humber Inc. $122,000

Instructions:

Prepare the journal entries to record the sale, purchase and adjusting entries related to the portfolio for the fourth quarter of 2021.