Fair value adjustment for available-for-sale investments M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: The fair value of the various available-for-sale securities on December 31,20Y, was as follows: a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. b. If the fair value of the portfolio of securities were the same on December 31,20Y, what would be the journal entry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. 20 Yec. 31 Feedback 7 Check My Work b. Consider if there is a difference in the fair market value of the portfolio. Is an adjustment necessary? c. If the fair value of the portfolio of securities was $338,000 on December 31,20Y6, what would be the journal entry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. 20Y Dec. 31 Feedback Check My Work c. Calculate the difference between fair market values (current and prior year). Unrealized gains increase cost basis. Unrealized losses decrease cost basis. - If the fair value of the portfolio of securities was $330,000 on December 31,20Y6, what would be the journal entry to adjust the portfolio to fair value? If an amount box does n equire an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. 20Y Dec. 31 x X Feedback Check My Work d. Calculate the difference between fair market values (current and prior year). Unrealized gains increase cost basis. Unrealized losses decrease cost basis