E17-6B (L02) Entries for Available for Sale and Trading Securities) The following information is available for Quigley Company at December 31, 2017, regarding its investments Securities Cost Fair Value 500 shares of Runner Corporation common stock $ 25.000 S 40.000 7,000 shares of Shertor Corporation preferred stock 6504XXO 620,000 $675.000 5660.000 The company did not have any investments prior to 2017 Instructions (a) Prepare the adjusting entry (if any) for 2017, assuming the securities are classified as trading (b) Prepare the adjusting entry (if any) for 2017, assuming the securities are classified as available for sale (c) Discuss how the amounts reported in the financial Statements are afected by the entries in (a) and cb