Exercise 17-9 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $31,500 $27,000 $(4,500 ) B 22,500 25,200 2,700 C 41,400 45,900 4,500 Total $95,400 $98,100 2,700 Previous fair value adjustment balanceDr. 720 Fair value adjustmentDr. $1,980 On January 20, 2018, Skysong, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. Collapse question part (a) Correct answer. Your answer is correct. Prepare the adjusting entry at December 31, 2017, 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 0 for the amounts.) Account Titles and Explanation Debit Credit Entry field with correct answer Fair Value Adjustment Entry field with correct answer 1980 Entry field with correct answer Entry field with correct answer Unrealized Holding Gain or Loss - Equity Entry field with correct answer Entry field with correct answer 1980 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT Attempts: 1 of 3 used Collapse question part (b) Partially correct answer. Your answer is partially correct. Try again. Show the balance sheet presentation of the investment-related accounts at December 31, 2017. (Do not leave any answer field blank. Enter 0 for amounts.) SKYSONG, INC Balance Sheet Entry field with correct answer Entry field with correct answer Entry field with correct answer $Entry field with correct answer 98100 Entry field with correct answer Entry field with correct answer Entry field with correct answer 0 Entry field with correct answer Entry field with correct answer 0 Entry field with correct answer Entry field with correct answer 0 Entry field with correct answer 0 Entry field with correct answer: Entry field with correct answer Entry field with incorrect answer 1980 Entry field with correct answer $Entry field with incorrect answer 100080 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT Attempts: 3 of 3 used Collapse question part (c) Prepare the journal entry for the 2018 sale of security A. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 20, 2018 Click if you would like to Show Work for this question: Open Show Work