On December 21, 2014, Zurich Company provided you with the following information regarding its trading investments.

Previous fair value adjustment balance -0-
Fair value adjustment-Cr. $ (1,400)
During 2015, Carolina Company shares were sold for $9,500. The fair value of the shares on December 31, 2015, was Stargate Corp. shares-$19,300; Vectorman Co. shares-$20,500
Instructions
(a) Prepare the adjusting journal entry needed on December 31, 2014.
(b) Prepare the journal entry to record the sale of the Carolina Company shares during 2015.
(c) Prepare the adjusting journal entry needed on December 31, 2015?
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December 31, 2014 Fair Value Investments (Trading) Stargate Corp. shares Carolina Co. shares Vectorman Co. shares Total of portfolio Unrealized Gain (Loss) $(1,000) (1,000) Cost $20,000 $19,000 9,000 20,600 $48,600 20,000 600 $(1,400) $50,000