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 $530,300 Fair Value $494,000 159,210 154,000 663,600 648,160 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company 8 notes for $78,920. July 6 Purchased bonds of Company X for $127,100. Nov. 13 Purchased notes of Company Z for $267,980. Dec. 9 Sold all of the bonds of Company A for $522,380. The fair values at December 31 are B, $83,300; C. $604,600; X, $112,000; and Z, $290,000. 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 lat 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 3 Nov. 13 Debt investments-AFS Cash 4 Dec. 9 Cash Loss on sale of debt investments Debt investments-AFS 5 Dec. 31 No Transaction Recorded Debit Credit 78,920 77,000 1,920 127,100 127,100 267,900 267,900 522,300 494,000 28,300 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 $530,300 159,210 663,600 Fair Value $494,000 154,000 648,168 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company 8 notes for $78,928. July 6 Purchased bonds of Company X for $127,100. Nov. 13 Purchased notes of Company Z for $267,980. Dec. 9 Sold all of the bonds of Company A for $522,380. The fair values at December 31 are B. $83,300; C. $604,600; X. $112,000; and Z. $290,000. 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 bands Company X bonds Company Z notes Total Cost Fair Value Unrealized Amount Gain or Loss? $ 77,000 S 648,160 83,300 604,600 127,100 112,000 267,900 290,000 S 1,120,160 S 1,089,900 $ 30,260 Lass Required 2 December 31 Balance in the Fair Value Adjustment account < Required 1 Required 2>