QA Problem 15-3B Debt investments in available-for-sale securities; unrealized and realized gains and losses Troy's long-term available-for-sale portfolio at the start of this year consists of the following. P3 Available-for-Sale Securities Cost Fair Value Company R bonds Company S notes Company T bonds $559,125 308,380 147,295 $580,440 293,250 151,800 Troy enters into the following transactions involving its available-for-sale debt securities this year. Page 56 Jan. Apr. Sep. Oct. 13 Sold one-fourth of the Company S notes for $72,250. 5 Purchased Company V bonds for $133.875 2 Sold all of the Company T bonds for $156.750. 30 Purchased Company X notes for $48,750. The fair values at December 31 are R, $568,125; S, $234.345; V, $134,940; and X, $45,625. Required 1. Prepare journal entries to record these transactions, including any necessary December 31 adjusting entry to record the fair value adjustment of the long-term investments in available-for-sale securities. Check (1) Dec 31: Cr. Fair Value Ad AFS, $690 2. Determine the amount Troy reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. 3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale securities does Troy report on its income statement for this year