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 $25,000. February 9 Purchased Sony notes for $59,490. June 12 Purchased Mattel bonds for $45,000. December 31 Yair values for debt in the portfolio are Johnson & Johnson, $26,900: Sony. 549,050; and Mattel. $55.950. Year 2 April 15 sold all of the Johnson & Johnson bonds for $28,000. July 5 sold all of the Mattel bonde for $39.000. July 22 Purchased Sara Lee notes for $17,100. August 19 Purchased Kodak bonda for $18, 450. December 31 tair values for debt in the portfolio are Kodak, $10,900: Sarath, $16,500and Sany. 669,000. Year 3 February 27 Purchased Microsoft bonds for $161,000. June 21 sold all of the Sony notes for $61,200. June 30 Purchased Black & Decker bonds for $54,900. August 3 sold all of the Sara Lee notes for $13,800. November 1 sold all of the Kodak bonds for $23,400. December 31 Fair values for debt in the portfolio are Black & Decker, $57,3001 and Microsoft, $159,500. Problem 15-2A (Algo) Part 2 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.) 12/31/Yr. 1 12/31/Y: 2 12/31/Y. Dubt Investments Long-Term AFS Securities (cost) Fair value adjustment-AFS Long-Term AFS Securities (Fair value) $ o s 0 $ 0