Fair Value Journal Entries, Available-for-Sale Investments

Storm, Inc. purchased the following available-for-sale securities during Year 1, its first year of operations:

Name		Number of Shares	Cost
Dust Devil, Inc.		1,300		$39,000
Gale Co.		300		20,850
Whirlwind Co.		2,200		66,000
	Total			$125,850

The market price per share for the available-for-sale security portfolio on December 31, Year 1 was as follows:

	Market Price per Share
	Dec. 31, Year 1
Dust Devil, Inc	$21
Gale Co.	76
Whirlwind Co.	29

a. Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, Year 1.

Year 1 Dec. 31	Unrealized Gain (Loss) on Available-for-Sale Investments
	Valuation Allowance for Available-for-Sale Investments