Exercise 15-15 (Algo) Classifying investments in securities; recording fair values LO C1, P2, P3, P4, P5 The following information shows Carperk Company's indlvidual investments in securities during its current year, along with the December 31 fair values. 8. Investment in Brava Company bonds: $378,650 cost; $411,593 fair value. Carperk intends to hold these bonds until they mature in 5 years. b. Investment in Baybridge common stock: 29,500 shares; $301,027 cost; $327,216 fair value. Carperk owns 32% of Baybridge's voting stock and has a significant influence over Baybridge. c. Investment in Duffa bonds: $155,247 cost; $167,356 fair value. This investment is not readily marketable and is not classified as held-to-maturity or trading. d. Investment in Newton notes: $86,332 cost; $84,864 fair value. Newton notes are not readlly marketable and are not classified a held-to-maturity or trading. e. Investment in Farmers common stock: 16,300 shares; $94,663 cost; $100,532 falr value. This stock is marketable, and Carperk intends to sell it within the year. This stock investment results in Carperk having an insignificant influence over Farmers. Required: 1. Identify whether each investment should be classifled as a short-term or long-term investment. For each investment, indicate in which of the six investment classifications it should be placed. 2. Prepare a journal entry dated December 31 to record the fair value adjustment for the portfolio of avaliable-for-sale debt securities. Carperk had no avallable-for-sale debt securities prior to this year