The information below relates to Scott Corporations investments classified as trading securities in 2020:3/5 /20 Purchased 3,200 shares of Pine Inc. common stock for $30 per share.

12/31/20 The market price of the investments at 12/31/2020 was: Pine Inc. common stock $25 per share. The fair value adjustment account balance was a credit of $300 prior to the fair value adjustment on 12/31/2020

7/2 /21 Scott sold half of Pine Inc. common stock for $50,000.

Q: make the appropriate entry to apply the fair market valuation for this equity investment classified as trading securities on 12/31/2020.

Q: Record the transaction of 7/2/2021.