14. Open Skies purchased a portfolio of available-for-sale securities during the year. The cost and fair value of the portfolio is as follows: a. Make the journal entry to record the adjustment of available-for-sale security portfolio to fair value on December 31; b. Where will the information be reported on the financial statements? 15. The income statement of Osborne Company reported net income of $500,000 for the year ended December 31 before considering the following: a. During the year, Osborne purchased trading securities b. At year end, the fair value of the investment portfolio was $35,000 less than the cost c. The balance of Retained Earnings was $743,000 on January 1 d. Osborne paid $46,000 cash dividends during the year. Using the above data, calculate the balance of Retained Earnings on December 31