General Corporation has the following investments in equity securities at December 31, 2002 (there are no existing balances in the market adjustment account):

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Percentage of Shares Market Price Company Classification Shares Owned Cost at 12/31/02 Clarke Corporation Marlin Company Trading 1,000 2% $75 $78 Available-for-sale 4,000 15 34 32 Air Products, Inc.. Available-for-sale 3,000 10 46 43 Required: 1. Prepare any adjusting entries required at December 31, 2002. 2. Illustrate how these investments would be presented on General Corporation's balance sheet at December 31, 2002. The available-for-sale securities are expected to be held for two to five years. 3. Prepare the journal entry on April 10, 2003, when General Corporation sold the Clarke Corporation investment for $72 per share. 4. Assume that General Corporation still owns its investment in Marlin Company and Air Products at December 31, 2003; the market prices on that date are $37 for Marlin and $44 for Air Products. Prepare all adjusting journal entries needed at December 31, 2003.