McCarthy Corporation's allowance to reduce available-for-sale securities to market has a $7,200 credit balance on December 31, 2019. The market value of the available-for-sale portfolio at December 31, 2019, and December 31, 2020, are $120,000 and $117,000, respectively.
Required:
Prepare the adjusting entry, if any, to adjust the allowance at year end.