Available-for-Sale Securities Entries and Financial Statement Presentation at December 31, 2010, the available-for-sale equity portfolio for Wenger, Inc. is as follows. On January 20, 2011, Wenger, Inc. sold security A for $15,300. The sale proceeds are net of brokerage fees.

(a) Prepare the adjusting entry at December 31, 2010, to report the portfolio at fair value.

(b) Show the balance sheet presentation of the investment related accounts at December 31, 2010. (Ignore notes presentation.)

(c) Prepare the journal entry for the 2011 sale of securityA.

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Fair Value Unrealized Gain (Loss) ($2,500) 1,500 Cost Security $17,500 $15,000 A B в 23,000 $53,000 Previous securities fair value adjustment 25,500 $54,500 2,500 1,500 Total balance-Dr. 200 Securities fair value adjustment-Dr. $1,300