The following information is available for Vaughn Company at December 31, 2020, regarding its investments.

Securities

Cost

Fair Value

2,900 shares of Myers Corporation Common Stock $43,800 $51,500

900 shares of Cole Incorporated Preferred Stock 24,200 21,300

$68,000 $72,800

(a) Prepare the adjusting entry (if any) for 2020, assuming no balance in the Fair Value Adjustment account at January 1, 2020. Neither of Vaughn's investments result in significant influence. Assume the securities as trading securities. (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 0 for the amounts.)

Account Titles and Explanation Debit Credit