On December 21, 2012, Zurich Company provided you with the following information regarding its trading securities.
| December 31, 2012 | |||||||
| Investments (Trading) | Cost | Fair Value | Unrealized Gain (Loss) | ||||
| Stargate Corp. stock | $20,320 | $19,320 | $(1,000 | ) | |||
| Carolina Co. stock | 10,940 | 9,940 | (1,000 | ) | |||
| Vectorman Co. stock | 20,320 | 21,010 | 690 | ||||
| Total of portfolio | $51,580 | $50,270 | (1,310 | ) | |||
| Previous fair value adjustment balance | 0 | ||||||
| Fair value adjustment—Cr. | $(1,310 | ) | |||||
During 2013, Carolina Company stock was sold for $10,490. The fair value of the stock on December 31, 2013, was: Stargate Corp. stock—$19,600; Vectorman Co. stock—$20,830.
| (a) | Prepare the adjusting journal entry needed on December 31, 2012. | |
| (b) | Prepare the journal entry to record the sale of the Carolina Company stock during 2013. | |
| (c) | Prepare the adjusting journal entry needed on December 31, 2013. |
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