air value adjustment for available$-$for$-$sale investments

M$.$ Jones Inc. purchased the following available$-$for$-$sale securities during $20$Y$5,$ its first year of operations:

Issuing Company Cost

Arden Enterprises Inc. $$150,000$

French Broad Industries Inc. $66,000$

Pisgah Construction Inc. $104,000$

Totals $$320,000$

The fair value of the various available$-$for$-$sale securities on December $31,20$Y$5,$ was as follows:

Issuing Company Fair Value,

Dec. $31,20$Y$5$

Arden Enterprises Inc. $$172,000$

French Broad Industries Inc. $72,000$

Pisgah Construction Inc. $95,000$

Totals $$339,000$

Question Content Area

a$.$ Journalize the adjusting entry for the fair value of the portfolio of securities on December $31,20$Y$5.$ If an amount box does not require an entry, leave it blank. If no entry is required, select $"$No Entry Required" and leave the amount boxes blank.

DateAccountDebitCredit

$20$Y$5$ Dec. $31$

Question Content Area

b$.$ If the fair value of the portfolio of securities were the same on December $31,20$Y$6,$ what would be the journal entry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry is required, select $"$No Entry Required" and leave the amount boxes blank.

DateAccountDebitCredit

$20$Y$6$ Dec. $31$

Question Content Area

c$.$ If the fair value of the portfolio of securities was $$341,000$ on December $31,20$Y$6,$ what would be the journal entry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry is required, select $"$No Entry Required" and leave the amount boxes blank.

DateAccountDebitCredit

$20$Y$6$ Dec. $31$

Question Content Area

d$.$ If the fair value of the portfolio of securities was $$330,000$ on December $31,20$Y$6,$ what would be the journal entry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry is required, select $"$No Entry Required" and leave the amount boxes blank.

DateAccountDebitCredit

$20$Y$6$ Dec. $31$