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B. (30 pts.) Wernell Co. had the following portfolio of investment securities on December 31, 2012: Cost Fair Value Spellcore Co. 24,200 28,400 Toller Co.

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B. (30 pts.) Wernell Co. had the following portfolio of investment securities on December 31, 2012: Cost Fair Value Spellcore Co. 24,200 28,400 Toller Co. 40,400 44,200 Wernell Co. sold it investment in Toller Co. for $48,800 on November 28, 2013. The fair value of Spellcore Co. was $26,080 on December 31, 2013. Required: Prepare the journal entries to record the following: 1. The sale of Toller Co. on November 28, 2013. 2. The adjusting entry to report the portfolio at fair value on December 31, 2013

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