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Prepare entries for the following transactions involving available-for-sale securities. December 11 Purchased short-term investments in available-for-sale debt securities at a cost of $52,400. December 31

Prepare entries for the following transactions involving available-for-sale securities.

December 11 Purchased short-term investments in available-for-sale debt securities at a cost of $52,400.
December 31 The securities had a fair value of $51,400 at year-end. An adjusting entry for fair value of the available-for-sale securities' portfolio is required.
February 10 Sold a portion of its available-for-sale securities (costing $5,240) for $6,400 cash.

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