On December 31, 2014, InterSteel Inc. provided you with the following information regarding its trading securities.

All of the securities were purchased during 2014.
During 2015, InterSteel sold its Lorton Corp. stock for $33,200. The fair value of the stock on December 31, 2015, was: JAK Inc. stock—$47,600; Kibby Co. stock—$95,400.

Instructions
(a) Prepare the adjusting journal entry needed on December 31, 2014.
(b) Prepare the journal entry to record the sale of the Lorton Corp. stock during 2015.
(c) Prepare the adjusting journal entry needed on December 31,2015.

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December 31, 2014 Investments (Trading)CostFair Value JAK Inc. stock Kibby Co. stock Lorton Corp. stock Total of portfolio 40,000 101,000 31,000 $172,000 $46,000 99,500 34,500 $180,000