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Exercise 17-7 On December 21, 2013, Bucky Katt Company provided you with the following information regarding its trading securities December 31, 2013 Fair Unrealized Gain Investments (Trading) Cost Value Loss Clemson Corp. stock $23,080 $22,080 $(1,000) 13,030 Colorado Co. stock 12,030 (1,000) 23,080 740 Buffaloes Co. stock 23,820 $59,190 $57,930 (1,260) Total of portfolio Previous fair value adjustment balance $(1,260) Fair value adjustment-Cr. During 2014, Colorado Company stock was sold for $12,480. The fair value of the stock on December 31, 2014, was Clemson Corp. stock-$22,380; Buffaloes Co. stock-$23,710. (a) Prepare the adjusting journal entry needed on December 31, 2013. (b) Prepare the journal entry to record the sale of the Colorado Company stock during 2014. (c) Prepare the adjusting journal entry needed on December 31, 2014