Purchases of common stock by jamison december 31 2016

Company Invested In	Cost	Fair Value
Readfield	125,000	115,500
Lee	100,000	80,000
Stern	250,000	300,000
Jones	180,000	190,000

These are classified as trading security by jamison, who uses the portfolio approach

During 2017 lee company's stock was sold for 102,000 and jamison purchased common stock of earnhart company at a cost of 163,300

at the end of 2017 the fair values of the trading securities are as follows

readfield 111,800

stern 310,000

jones 171,600

earnhart 159,250

a) make the adjustment entry for the portfolio at december 31 2016 to report the fair value of investment in the balance sheet

b) prepare the journal entry to record the sale of lee company's stock in jamisons book in 2017

c) prepare the journal entry to record the purchase of earnharts's common stock by jamison

d) calculate the fair value of the portfolio as of december 31 2017

e) make the adjustment entry for the portfolio at december 31 2017 to report the fair value of investment in the balance sheet