QS 15.7 Accounting for available-for-sale debt securities (1) P3 Journ Co. purchased short-term investments in available-for-sale debt securities at a cost of $50,000 cash on November 25 . At December 31, these securities had a fair value of $47,000. This is the first and only time the company has purchased such securities. 1. Prepare the November 25 entry to record the purchase of debt securities. 2. Prepare the December 31 yearend adjusting entry for the securities' portfolio. 3. Prepare the April 6 entry when Journ sells 10% of these securities ( $5,000 cost) for $6,000 cash