E17-7B (Trading Securities Entries) On December 31, 2014, InterSteel Inc. provided you with the following information regarding its trading securities. December 31, 2014 Investments (Trading) Cost Fair Value JAK Inc. stock $ 40,000 $ 46,000 Kibby Co. stoc

E17-7B (Trading Securities Entries) On December 31, 2014, InterSteel Inc. provided you with the following information regarding its trading securities.
                                                                           December 31, 2014
Investments (Trading)                           Cost                                 Fair Value
JAK Inc. stock                                    $ 40,000                               $ 46,000
Kibby Co. stock                                   101,000                                   99,500
Lorton Corp. stock                               31,000                                   34,500
Total of portfolio                               $172,000                              $180,000
All of the securities were purchased during 2014.
During 2015, InterSteel sold its Lorton Corp. stock for $33,200. The fair value of the stock on December 31, 2015, was: JAK Inc. stock—$47,600; Kibby Co. stock—$95,400.
Instructions
(a) Prepare the adjusting journal entry needed on December 31, 2014.
(b) Prepare the journal entry to record the sale of the Lorton Corp. stock during 2015.
(c) Prepare the adjusting journal entry needed on December 31, 2015