During the current year, Reed Consulting acquired long-term available-for-sale debt securities on July 1 at a $80,000 cost. At its December 31 year-end, these securities had a fair value of $67,000. This is the first and only time the company purchased such securities. Required: 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.