Exercise 16-12 a-b (Video) Sheridan Company has the following data at December 31, 2020. Securities Trading Available-for-sale Cost $121,500 101,100 Fair Value $125,000 93,800 The available-for-sale securities are held as a long-term investment. Your answer is correct. Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (Credit acc entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit (1) Fair Value Adjustment-Trading Unrealized Gain or Loss-Income 3500 (2) Tunrealized Gain or Loss-Equity 7300ll Fair Value Adjustment-Available-for-Sale 7300 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT VIDEO: SIMILAR EXERCISE Your answer is partially correct. Try again. Indicate the statement presentation of each class of securities and the related unrealized gain (loss) accounts. Sheridan Company Balance Sheet (Partial) December 31, 2020 Current Assets - T Short-term, at fair value 125000 Investments Investments Sheridan Company Income Statement (Partial) For the Year Ended December 31, 2020 Unrealized Gain on Trading Securities Other Expenses and Losses Sheridan, Company Comprehensive Income Statement For the Year Ended December 31, 2020 Unrealized Loss On Available-for-Sale Securities Other Comprehensive income Click if you would like to Show Work for this question: Open Show Work