Required information Problem 15-2A (Algo) Recording, adjusting, and reporting available-for-sale debt securities LO P3 [The following information applies to the questions displayed below.] Mead Incorporated began operations in Year 1. Following is a series of transactions and events involving its long-term debt investments in available-for-sale securities. Year 1 January 20 Purchased Johnson \& Johnson bonds for $24,500. February 9 Purchased Sony notes for $59,040. June 12 Purchased Mattel bonds for $44,500. December 31 Fair values for debt in the portfolio are Johnson \& Johnson, $26,300; Sony, $49,750; and Mattel, $54,550. Year 2 April 15 Sold all of the Johnson \& Johnson bonds for $27,500. July 5 sold all of the Mattel bonds for $38,650. July 22 Purchased Sara Lee notes for $16,700. December 31 Fair values for debt in the portfolio are Kode I, $18,725; Sara Lee, $16,000; and Sony, $62,000. Year 3 February 27 Purchased Microsoft bonds for $161,200. June 21 Sold all of the Sony notes for $60,800. June 30 Purchased Black \& Decker bonds for $54,400. August 3 Sold all of the Sara Lee notes for $13,350. November 1 Sold all of the Kodak bonds for $23,075. December 31 Fair values for debt in the portfolio are Black \& Decker, \$57,000; and Microsoft, $159,400. 2. Complete the following table that summarizes the (a) total cost, (b) total fair value adjustment, and (c) total fair value of the portfolio of long-term available-for-sale debt securities at each year-end. (Loss amounts should be indicated with a minus sign.)