Exercise 12-9 (Algo) Securities available-for-sale; adjusting entries; financial statement effects [LO12-4] Loreal-American Corporation purchased several marketable securities during 2024. At December 31, 2024, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2023, and all are considered securities available-for-sale. Cost Fair Value Short term: Blair, Incorporated ANC Corporation Totals $ 494,000 457,000 $ 398,000 494,000 $ 951,000 $ 892,000 Long term: Drake Corporation Aaron Industries Totals $ 494,000 713,000 $ 567,000 667,000 $ 1,207,000 $ 1,234,000 Required: Unrealized Holding Gain (Loss) $ (96,000) 37,000 $ (59,000) $ 73,000 (46,000) $ 27,000 1. Prepare appropriate adjusting entry at December 31, 2024. 2. What amount would be reported in the income statement at December 31, 2024, as a result of the adjusting entry? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare appropriate adjusting entry at December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the adjusting entry for December 31, 2024. Note: Enter debits before credits. Date December 31, General Journal Debit Credit Exercise 12-9 (Algo) Securities available-for-sale; adjusting entries; financial statement effects [LO12-4] Loreal-American Corporation purchased several marketable securities during 2024. At December 31, 2024, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2023, and all are considered securities available-for-sale. Unrealized Holding Cost Fair Value Gain (Loss) Short term: Blair, Incorporated ANC Corporation Totals $ 494,000 457,000 $ 951,000 $ 398,000 494,000 $ 892,000 Long term: Drake Corporation Aaron Industries $ 494,000 713,000 $ 567,000 667,000 Totals $ 1,207,000 $ 1,234,000 $ (96,000) 37,000 $ (59,000) $ 73,000 (46,000) $ 27,000 Required: 1. Prepare appropriate adjusting entry at December 31, 2024. 2. What amount would be reported in the income statement at December 31, 2024, as a result of the adjusting entry? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What amount would be reported in the income statement at December 31, 2024, as a result of the adjusting entry? Note: Leave no cells blank - be certain to enter 0" wherever required.