Required information [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt Investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Portfolio of Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $16,500 26,eee 6,580 Fair Value $12,375 27,300 5,280 Prepare journal entry to record the December 31 year-end fair value adjustment for the debt securities. View transaction Mat Journal entry worksheet > Record the year-end adjustment to fair value, if any. Note: Enter debits before credits General Journal Debit Credit Date Dec. 31 (1) After the fair value adjustment is made prepare the assets section of Kitty Company's December 31 classified balance sheet. (2) In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported? Complete this question by entering your answers in the tabs below. Required 1 Required 2 After the fair value adjustment is made, prepare the assets section of Kitty Company's December 31 classified balance sheet. (Amounts to be deducted should be indicated with a minus sign.) KITTY COMPANY Assets Section of Balance Sheet December 31 Assets Required 1 Required 2 > (1) After the fair value adjustment is made, prepare the assets section of Kitty Company's December 31 classified balance sheet. (2) In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported? Complete this question by entering your answers in the tabs below. Required 1 Required 2 In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported? In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported?