The information below relates to Scott Corporation's 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. Required: a. Prepare journal entry for the transactions that occurred on 3/5/2020 and make the appropriate entry to apply the fair market valuation for this equity investment classified as trading securities on 12/31/2020. b. Record the transaction of 7/2/2021