On December 21, 2012, Zurich Company provided you with the following information regarding its trading investments.

During 2013, Carolina Company shares were sold for $9,500. The fair value of the shares on December 31, 2013, was Stargate Corp. shares??$19,300; Vectorman Co. shares??$20,500.Instructions(a) Prepare the adjusting journal entry needed on December 31, 2012.(b) Prepare the journal entry to record the sale of the Carolina Company shares during 2013.(c) Prepare the adjusting journal entry needed on December 31,2013.

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December 31, 2012 Investments (Trading) Stargate Corp. shares Carolina Co. shares Vectorman Co. shares Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. Unrealized Gain (Loss) Fair Value Cost $20,000 $19,000 $(1,000) 10,000 20,000 20,600 600 $50,000 $48,600 $(1,400) -0- $ (1,400)