On December 31, 2019, Zurich SA provided you with the following information regarding its trading investments.

During 2020, Carolina Co. shares were sold for ‚¬9,500. The fair value of the shares on December 31, 2020, was Stargate shares-‚¬19,300; Vectorman shares-‚¬20,500.
Instructions
a. Prepare the adjusting journal entry needed on December 31, 2019.
b. Prepare the journal entry to record the sale of the Carolina Co. shares during 2020.
c. Prepare the adjusting journal entry needed on December 31, 2020.

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December 31, 2019 Investments (Trading) Cost Fair Value Unrealized Gain (Loss) €(1,000) (1,000) Stargate AG shares Carolina Co. shares Vectorman NV shares Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. €20,000 €19,000 9,000 10,000 20,000 20,600 600 (1,400) €50,000 €48,600 -0- €(1,400)