QS C-8 Recording fair value adjustment for available-for-sale debt securities LO P3 During the current year, Reed Consulting acquired long-term available-for-sale debt securities on July 1 at a $94,000 cost. At its December 31 year-end, these securities had a fair value of $79,600. This is the first and only time the company purchased such securities. Required: 1. Prepare the July 1 entry to record the purchase of these debt securities. 2. Prepare the year-end adjusting entry related to these securities. View transaction list Journal entry worksheet Record purchase of available for sale securities. Note: Enter debits before credits General Journal Debit Credit Dato Jul 01