Exercise 17-7 2 Your answer is partially correct. Try again. On December 21, 2017, Splish Company provided you with the following information regarding its equity investments December 31, 2017 Fair Value Unrealized Gain (Loss) Investments (Trading) Cost $(1,000) (1,100) 640 (1,460) Clemson Corp. stock $19,500 $18,500 8,000 20,140 $48,100$46,640 9,100 19,500 Colorado Co. stock Buffaloes Co. stock Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr During 0 $(1,460) 2018, Colorado Company stock was sold for $8,480. The fair value of the stock on December 31, 2018, was Clemson Corp. stock-$18,600; Buffaloes Co. stock-$20,040. None of the equity investments result in significant influence. (a) Prepare the adjusting journal entry needed on December 31, 2017 (b) Prepare the journal entry to record the sale of the Colorado Co. stock during 2018 (c) Prepare the adjusting journal entry needed on December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit 1460 (a) [Unrealized Holding Gain or Loss- Income 1460 Investment Income 8480 (b) Cash Gain on Sale of Investments 8000 Equity Investments ( No Entry No Entny Click if you would like to Show Work for this question: Open Show Work