Cost and fair value data for the trading securities of Clifford Company at December $31,2024$ are $$100,000$ and $$84,000,$ respectively.

Which of the following correctly presents the adjusting journal entry needed to report the portfolio at fair value?

Select one:

a$.$ Dec. $31$ Fair Value Adjustment $-$ Trading $16,000$

Unrealized Gain$-$Income $16,000$

b$.$ Dec. $31$ Unrealized LossIncome $16,000$

Trading Securities $16,000$

c$.$ Dec. $31$ Unrealized Gain$/$LossIncome $16,000$

Fair Value AdjustmentTrading $16,000$

d$.$ Dec. $31$ Unrealized GainIncome $16,000$

Trading Securities $16,000$