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Loreal-American Corporation purchased several marketable securities during 2018. At December 31, 2018, the company had the Investments in bonds listed below. None was held at
Loreal-American Corporation purchased several marketable securities during 2018. At December 31, 2018, the company had the Investments in bonds listed below. None was held at the last reporting date, December 31, 2017, and all are considered securities available-for-sale. Cost Fair value Unrealized Holding Gain (Loss) $ 498,000 459,eee $ 957,00 $ 396,000 498,eee $ 894,000 $ (182,60e) 39, eee $ (63,) Short term: Blair, Inc. ANC Corporation Totals Long term: Drake Corporation Aaron Industries Totals $ 498,00 711,808 $1,209,000 $ 569,600 669,888 $1,238,eee $ 71,00 (42,000) $ 29,000 Required: 1. Prepare appropriate adjusting entries at December 31, 2018. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) Journal entry worksheet Record the adjusting entry for December 31, 2018. Note: Enter debits before credits. Event General Journal Credit Debit 34,000 Unrealized holding gain-NI : Fair value adjustment 34,000 Record entry Clear entry View general journal 2. What amounts would be reported in the Income statement at December 31, 2018, as a result of these adjusting entries? Amount
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