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E17-8 (Available-for-Sale Securities Entries and Reporting) Satchel Corporation purchases equity securities costing $73,000 and classifies them as available-for-sale securities. At December 31, the fair value

E17-8 (Available-for-Sale Securities Entries and Reporting) Satchel Corporation purchases equity securities costing $73,000 and classifies them as available-for-sale securities. At December 31, the fair value of the portfolio is $65,000. Instructions Prepare the adjusting entry to report the securities properly. Indicate the statement presentation of the accounts in your entry

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