E17-6B (LO2) (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 $ 40,000 7,000 shares of Sher-tor Corporation preferred stock 650,000 620,000 $675,000 $660,000 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 affected by the entries in (a) and (b). E17-6B (LO2) (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 $ 40,000 7,000 shares of Sher-tor Corporation preferred stock 650,000 620,000 $675,000 $660,000 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 affected by the entries in (a) and (b)