Exercise 17-09 (Part Level Submission) At December 31, 2020, the available-for-sale debt portfolio for Sunland, Inc. is as follows. Security Cost Fair Value A $18,375 $15,750 B 13,125 14,700 C 24,150 26,775 Total $55,650 $57,225 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(2,625 ) 1,575 2,625 1,575 420 $1,155 On January 20, 2021, Sunland, Inc. sold security A for $15,855. The sale proceeds are net of brokerage fees. (a) Your answer is correct. Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Fair Value Adjustment 1,155 Unrealized Holding Gair 1,155 SHOW LIST OF ACCOUNTS SHOW SOLUTION (b) Show the balance sheet presentation of the investment-related accounts at December 31, 2020. (Do not leave any answer field blank. Enter o for amounts.) SUNLAND, INC Balance Sheet 7 $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT Accumulated Other Comprehensive Loss Allowance for Doubtful Accounts Allowance to Reduce Inventory to Market Bad Debt Expense Bonds Payable Cash Call Option Common Stock Cost of Goods Sold Debt Investments Dividend Revenue Dividend Receivable Equity Investments Fair Value Adjustment Futures Contract Gain on Sale of Investments Gain on Settlement of Call Option Gain on Settlement of Put Option Interest Expense Interest Receivable Interest Revenue Inventory Investment Income Loss on Impairment Loss on Sale of Investments Loss on Settlement of Call Option Loss on Settlement of Put Option No Entry Notes Payable Paid-in Capital in Excess of Par - Common Stock Put Option Recovery of Loss from Impairment Retained Earnings Revenue from Investment Sales Revenue Swap Contract Unrealized Holding Gain or Loss - Equity Unrealized Holding Gain or Loss -Income