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Problem #3 Jones & Co. has the following data at December 31, 2020: Fair value Adj Bal Securities Cost Fair value at 12/31/19 Trading securities

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Problem #3 Jones & Co. has the following data at December 31, 2020: Fair value Adj Bal Securities Cost Fair value at 12/31/19 Trading securities $262,000 $271,000 22,000 Available for sale securities 118,000 143,000 -15,500 Prepare the adjusting entry to report each class of securities at fair value at 12/31/20

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