Tonny & Timmy Inc., long-term investment portfolio at December 31, 2020, consists of the following: Available-for-Sale Securities ($) Cost (S) Market value (S) 25,000 shares of Micky Inc; Common stock 310,000 267,000 60,000 shares of Kelvin Inc; common stock 672,000 835,000 Tonny & Timmy enters into the following long-term investment transactions during year 2021 (show all your calculations). Jan. 5 Purchased 20,000 shares of Xavier Inc; common stock for $236,000 plus a brokerage fee of $450. Aug. 2 Sold 7,000 shares of Micky common stock for $160,000 less a brokerage fee of $630. The market values of Tonny & Timmy's investments at December 31, 2021, are: Micky Inc. $365,000 Kelvin Inc. S695,000 Xavier Inc. $260,000 Required: 1. Prepare any necessary December 31, 2020, adjusting entry to record the market value adjustment for the long-term investments in available-for-sale equity securities. (6 marks) 2. Prepare journal entries to record the transactions of 2021 assuming Tonny & Timmy does NOT have significant influence. (10 marks) 3. Prepare any necessary December 31, 2021, adjusting entry to record the market value adjustment for the long-term investments in available-for-sale equity securities. (6 marks)