On December $31.$a ember $31,2018,$ Martha Stewart Enterprises had the following information regarding its investments in common stock: Balances December $31,2018$ Stock Boeing JP Morgan Imclone Total Cost $$15,00025,00010,000$ $$50,000$ Fair Value $$12\mathrm{.}00027,0006\mathrm{.}000$ $$45\mathrm{.}000$ Unrealized Gain or loss $$(3\mathrm{.}000)2\mathrm{.}000(4\mathrm{.}000)$ $$(5,000)$ On July $27,2019,$ Martha Stewart sold the Imclone stock for $$2\mathrm{.}000$ less broker's fees of $$50.$ The fair value of the remaining stocks on December $31,2019,$ were Boeing $$13,000$ and JP Morgan $$24,000.$ Instructions: $1.$ Prepare the adjusting Journal Entry on December $31,2018$ to record any unrealized gain or loss on stock. $2.$ Record the entry for July $27,2019$ for the sale of the Imclone Stock $3.$ Record the adjusting journal entry on December $31,2019$ necessary to reflect the current values of Martha Stewart's investments in stock. Martha Stewart has the following general ledger accounts: Cash Accounts Receivable Investments in Stock Fair Value Adjustment Inventory Land Buildings Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Common Stock Retained Earnings Dividends Treasury Stock Sales Loss on Investments Gain on Investments Cost of Goods Sold Unrealized holding gain or loss $-$Income Sales Discounts Depreciation Expense Wages Expense V General Journal Account Titles and Explanation Debit Credit For Instruction #$3$ Investment Balances as of December $31,2019$ Fair Value Adjustment Account Analysis Stock G Unrealized ain or loss Boeing JP Morgan Cost $$15,000$ $$25,000$ Fair Value $$13,000$ $$24\mathrm{.}000$ $$40,000$ $$37\mathrm{.}000$ Total Balance $12/31/18$ Required Adjustment