During the current year, Reed Consulting acquired long-term available-for-sale debt securities on July 1 at a $75,000 cost. At its December 31 year-end, these securities had a fair value of $62,500. This is the first and only time the company purchased such securities. 1. Prepare the July 1 entry to record the purchase of these debt securities. 2. Prepare the year-end adjusting entry related to these securities. View transaction list Journal entry worksheet 1 2 Record purchase of available-for-sale securities. Note: Enter debits before credits. Date July 01 General Journal Debit Credit < Prev 7 of 17 Next > Journal entry worksheet > 1 2 Record the year-end adjusting entry for the securities portfolio. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal