Prepare Tiker Company's journal entries to record the following transactions and the adjusting entry to record the fair value of the stock investments portfolio. This is the first and only time the company purchased such securities. May 9 Purchases 380 shares of Higo stock as a short-tern investment at a cost of $43 per share. Tiker has insignificant influence over Higo. June 2 Sells 148 shares of its investment in Higo stock ($6,828 cost) at $46 per share. December 31 The closing market price (fair value) of the Higo stock is $41 per share. Answer is not complete. No Date General Journal Debit Credit May 00 Stock investments 16.340 Cash 16,340 2 June 02 Cash 8.440 O Gain on sale of stock investments Stock investments 1,748 O 3 December 31 Unrealized loss - Income 1.000 O Fair value adjustment - Stock 1.900

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