Required Information [The following Information applies to the questions displayed below.] Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost $534,900 159,290 662,500 Fair Value $492,000 145,000 641,740 Stoll enters Into the following transactions Involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company B notes for $78,130. July 6 Purchased bonds of Company X for $125,100. Nov. 13 Purchased notes of Company Z for $268,000. Dec. 9 Sold all of the bonds of Company A for $515,300. The fair values at December 31 are B. $80,300; C, $606,800; X, $101,000; and Z, $271,000. Required: 1. Prepare journal entries to record these transactions, Including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Fair Value Adjustment Computation - Available-for-Sale Securities December 31 AFS Securities Company B notes Company C bonds Company X bonds Company Z notes Total Cost Fair Value Unrealized Amount Gain or Loss? S 79,645 $ 80,300 682,500 606,800 125,100 101,000 268,000 271,000 S 1,135,245 $ 1,059,100 $ (79,145) Loss Required 2 December 31 Balance in the Fair Value Adjustment account < Required 1 Required 2 > Required information [The following information applies to the questions displayed below.] Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost $534,900 159,290 662,500 Fair Value $492,000 145,000 641,740 Stoll enters into the following transactions Involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company B notes for $78,130. July 6 Purchased bonds of Company X for $125,100. Nov. 13 Purchased notes of Company Z for $268,000. Dec. 9 Sold all of the bonds of Company A for $515,300. The fair values at December 31 are B. $80,300; C, $606,800; X, $101,000; and Z, $271,000. Required: 1. Prepare journal entries to record these transactions, Including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. View transaction let View journal entry worksheet No Date General Journal 1 Jan. 29 Cash Loss on sale of debt investments Debt investments-AFS 2 Jul 06 Debt investments - AFS Cash Debit Credit 78,130 1,515 79,645 125,100 125,100 3 Nov. 13 Debt investments - AFS 268,000 Cash 268,000 4 Dec. 9 Cash Loss on sale of debt investments Debt investments - AFS 5 Dec. 31 Fair value adjustment - AFS Unrealized gain-Income < Required 1 Required 2 > 515,300 19,600 534,900 655 655