At December $31,2020,$ the available$-$for$-$sale debt portfolio for Pearl Corp. is as follows.

Before an adjusting entry on December $31,2020,$ the fair value adjustment account contained a credit balance of $$480.$ Pearl Corp.

reported net income of $$74,400$ for $2020.$

Prepare the adjusting entry at December $31,2020,$ to report the portfolio at fair value. $($Credit account titles are automatically

indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the

amounts.$)$

Account Titles and Explanation