In January 2022, the management of Sandhill Company concludes that it has sufficient cash to permit some short-term investments in debt and equity securities. During the year, the following transactions occurred.

Feb. 1 Purchased 400 shares of Muninger common stock for $22,000.

Mar. 1 Purchased 600 shares of Tatman common stock for $15,000.

Apr. 1 Purchased 50 of $1,070, 8% Yoakem bonds for $53,500. Interest is payable semiannually on April 1 and October 1.

July 1 Received a cash dividend of $0.60 per share on the Muninger common stock.

Aug. 1 Sold 133 shares of Muninger common stock at $60 per share.

Sept. 1 Received a $1 per share cash dividend on the Tatman common stock.

Oct. 1 Received the semiannual interest on the Yoakem bonds.

Oct. 1 Sold the Yoakem bonds for $51,200.

At December 31, the fair value of the Muninger and Tatman common stocks were $56 and $24 per share respectively. These stock investments by Sandhill Company provide less than a 20% ownership interest.

Your answer is partially correct. Prepare the adjusting entry at December 31, 2022, to report the investment securities at fair value. All securities are considered to be trading securities. (List all debit entries before credit entries. 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.) Show the balance sheet presentation of investment securities at December 31,2022