Question 2 View Policies Current Attempt in Progress On December 21, 2020, Flounder Company provided you with the following information regarding its equity investments. Unrealized Gain (Loss) $(1,000) December 31, 2020 Investments (Trading) Cost Fair Value Clemson Corp. stock $21,300 $20,300 Colorado Co.stock 9,100 8,200 Buffaloes Co.stock 21,300 21,860 Total of portfolio $51,700 $50,360 Previous fair value adjustment balance (900) 560 (1,340) Fair value adjustment-Cr. $(1,340) During 2021, Colorado Co.stock was sold for $8,650. The fair value of the stock on December 31, 2021, was Clemson Corp. stock-$20,390: Buffaloes Co.stock-$21.770. None of the equity investments result in significant influence. (a) Prepare the adjusting journal entry needed on December 31, 2020. (b) Prepare the journal entry to record the sale of the Colorado Costock during 2021. (c) Prepare the adjusting journal entry needed on December 31, 2021. when amunt is entered. Do not indent manually. If no entry is required, select "No Entry for (c) Prepare the adjusting journal entry needed on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit (a) (6) Assistance Used e Textbook and Media List of Accounts Attempts: unlimited Submit Answer Save for Later