Instructions M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Cost Arden Enterprises Inc. $135,900 French Broad Industries Inc. 62,400 Pisgah Construction Inc. 103,680 $301,980 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Issuing Company Fair Value, Dec. 31, 20Y5 Arden Enterprises Inc. $158,550 French Broad Industries Inc. 70,200 Pisgah Construction Inc. 97,200 $325,950 Required: a. Joumalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5" b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value?" c. If the fair value of the portfolio of securities was $328,350 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value?" d. If the fair value of the portfolio of secunties was $319,150 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value?" "Refer to the chart of accounts for the exact wording of the account titles CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered. If no entry is required, simply skip to the next transaction. a Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5* b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value?" c. If the fair value of the portfolio of securities was $328,350 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value?" d. If the fair value of the portfolio of securities was $319, 150 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value?" "Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CHOW journals will automatically indent a credit entry when a credit amount is entered. If no entry is required, simply skip to the next transaction. DATE DESCRIPTION Dec. 31 JOURNAL ACCOUNTING POST REF DEBIT CREDIT ASSETS LIABILIT 23,970.00 23,970.00 2,400.00 2,400.00 6,800.00 6,800.00