Goff Corporation acquired stock of Spiegel, Inc., on March 1,2016, at a cost of $500,000. The stock had a fair value of $550,000at December 31, 2016, $610,000 at December 31, 2017, and $590,000at December 31, 2018. Goff sold the stock for $640,000 on July 1,2019. Spiegel did not pay any dividends during the time Goff heldthe stock.

When Goff acquired the stock, it classified the investment asavailable-for-sale. However, Goff transitioned to the newaccounting rules for minority-passive equity investments at thebeginning of 2018.

Ignore income taxes.

Assume the amount credited to OCI each year was subsequentlyclosed to AOCI during the closing process.

Required:

Prepare the journal entry to record the acquisition of theSpiegel stock at March 1, 2016.

Prepare the journal entry to record the fair value adjustment atDecember 31, 2016.

Prepare the journal entry to record the fair value adjustment atDecember 31, 2017.

Prepare the journal entry to record the transition to the newaccounting for minority-passive investments at January 1, 2018.

Prepare the journal entry to record the fair value adjustment atDecember 31, 2018.

Prepare the journal entry to record the sale of the investmentat July 1, 2019.

(For all requirements, if no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field.)