Required information The following information applies to the questions displayed below.] Stoll Co.'s long-term available-for-sale portfolio at December 31, 2016, consists of the following Available-for-Sale Securities Cost Fair Value 65,000 shares of Company A comon stock 20,000 shares of Company B common stock 30,000 shares of Company C common stock $1,035, 600 950,000 330,750 1,346,500 1,299,875 320,000 Stoll enters into the following long-term investment transactions during year 2017 Jan. 29 Sold 10,000 shares of Company B common stock for $164,375 less a brokerage fee of $3,000 Apr. 17 Purchased 21,000 shares of Company W common stock for $425,000 plus a brokerage fee of $2,700. The shares represent a 30% ownership in Company W July 6 Purchased 13,000 shares of Company X common stock for $256,125 plus a brokerage fee of $2,700. The shares represent a 10% ownership in Company X Aug. 22 Purchased 100,000 shares of Company Y common stock for $550,000 plus a brokerage fee of $7,500. The shares represent a 51% ownership in Company Y Nov. 13 Purchased 17,000 shares of Company Z common stock for $530,800 plus a brokerage fee of $5,500. The shares represent a 5% ownership in Company 2 Dec. 9 Sold 65,000 shares of Company A common stock for 1,010,000 less a brokerage fee of $4,100. The fair values of its investments at December 31, 2017, are: B, $165,750; C, $1,223,625; W, $385,500; X, $239,250; Y, $1,065,500; and Z, 560,600. Required 1. Determine the amount Stoll should report on its December 31, 2017, balance sheet for its long-term investments in available-for-sale securities 2. Prepare any necessary December 31, 2017, adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. Required information The following information applies to the questions displayed below Stoll Co.'s long-term available-for-sale portfolio at December 31, 2016, consists of the following Fair Value Available-for-Sale Securities Cost $1,035, 600950,000 330,750 1,346, 500 1,299,875 65,000 shares of Company A common stock 20,000 shares of Company B common stock 30,000 shares of Company C common stock 320,000 Stoll enters into the following long-term investment transactions during year 2017. Jan. 29 Sold 10,000 shares of Company B common stock for $164,375 less a brokerage fee of $3,000 Apr. 17 Purchased 21,000 shares of Company W common stock for $425, 000 plus a brokerage fee of $2,700. The shares represent a 30% ownership in Company Aug. 22 Purcha epresnt a common Aug. 22 Purchased 100,000 shares f Company common stock f r $550,000 plus a brokerage fee of $7,500. July 6 Purchased 13,000 shares of Company X common stock for $256, 125 plus a brokerage fee of $2,700. The shares represent a 10% ownership in Company X. The shares represent a 51% ownership in Company Y. Nov. 13 Purchased 17,000 shares of Company 2 common stock for $530, 800 plus a brokerage fee of $5,500. The shares represent a 5% ownership in Company Z. Dec. 9 Sold 65,000 shares of Company A common stock for $1,010,000 less a brokerage fee of $4,100. The fair values of its investments at December 31, 2017, are: B, $165,750; C, $1,223,625; W, $385,500; X, $239,250; Y $1,065,500; and Z, 560,600. 3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale securities should Stoll report on its December 31, 2017, income statement
