At December 31, 2022, available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment.

Security. Cost. Fair Value

A $17,500 16,000

B 12, 500 14,000

C 23,000 21,000

53,000 51,000

A. Prepare the adjusting entry at December 31, 2022 to report the securities at fair value.

B- Show the statement presentation at December 31,2022, after adjustment to fair value.

C- E. Kretsinger, a member of the board of directors, does not understand the reporting of the unreal-

ized gains or losses. Write a letter to Ms. Kretsinger explaining the reporting and the purposes that it serves.