QS 15-9 Recording fair value adjustment for securities LO P3

During the current year, Reed Consulting Group acquired long-term available-for-sale securities at a $78,000 cost. At its December 31 year-end, these securities had a fair value of $65,200. This is the first and only time the company purchased such securities. Prepare the necessary year-end adjusting entry related to these securities. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)