The following information is available for Quigley Company at December 31, 2025, regarding its investments:

Securities Cost Fair Value

500 shares of Runner Corporation common stock $25,000 $40,000

7,000 shares of Sher-tor Corporation preferred stock $650,000 $620,000

$675,000 $660,000

The company did not have any investments prior to 2025.

Instructions

Prepare the adjusting entry (if any) for 2025, assuming neither investment results in significant influence over the companies whose equity is held.

PLEASE SHOW WORK