OBJ. 3,4 EX 15-21 Hurricane Fair value journal entries, available-for-sale investments Inc. purchased a portfolio of available-for-sale securities in Year 1, its first year of operations. The cost and fair value of this portfolio on December 31, Year 1, was Name Tornado Inc Tsunami Corp. Typhoon Corp Number of Shares 800 1,250 2,140 Total Cost $14,000 31,250 43,870 $89,120 Total Fair Value $15,600 35,000 42,800 $93,400 Total On lune 12 Year 2, Hurricane purchased 1,450 shares of Rogue Wave Inc. at $45 per share plus a $100 brokerage commission. a. Provide the journal entries to record the following: 1. The adjustment of the available-for-sale security portfolio to fair value on December31, Year 1 2. The June 12, Year 2, purchase of Rogue Wave Inc. stock. b. How are unrealized gains and losses treated differently for available-for-sale securities than for trading securities