Ch 12 In-Class Exercise #3: AFS At the end of 2024, Ajax Incorporated holds the following securities: Name Classification Cost or Amortized Cost Market Value 12/31/2024 12/31/2025 Market Value Bond X Available-for-Sale 26,000 25,000 Bond Y Available-for-Sale 43,500 46,300 45,600 The Market Adjustment-AFS Securities account has a pre-adjusted credit balance of $1,200. On February 1, 2025, Ajax sold all of its holdings of Bond X for the market price of $24,000. Required: Prepare journal entries to adjust the AFS security portfolios to fair value on December 31, 2024 Prepare the journal entry to record the sale of Bond A