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Your answer is partially correct On December 21, 2020. Larkspur Company provided you with the...

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Your answer is partially correct On December 21, 2020. Larkspur Company provided you with the following information regarding its equity investments December 31, 2020 Investments (Trading) Cost Fair Value Unrealized Gain (Loss) Clemson Corp.stock $21.100 $20.100 $11.000) Colorado Costock 9.400 8.400 (1.000 Buffaloes Costock 21.100 21.680 580 Total of portfolio $51,600 $50,180 (1.420) Previous fair value adjustment balance 0 Fair value adjustment- $(1.420 During 2021, Colorado Co stock was sold for $8.860. The fair value of the stock on December 31, 2021. was Clemson Corp. stock- $20.190 Buffaloes Co.stock-$21.580. None of the equity investments result in significant influence. (a) (b) Prepare the adjusting journal entry needed on December 31, 2020. Prepare the journal entry to record the sale of the Colorado Co. stock during 2021. Prepare the adjusting journal entry needed on December 31, 2021. (c) 1.71/2 E Question 3 of 5

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