Rison Corporation has the following trading portfolio of stock investments as of December 31, 2018.

Security Cost Fair Value

A $19,000 $16,000

B 22,000 26,000

C 34,000 31,000

$75,000 $73,000

On January 22, 2019, Rison Corporation sold security C for $30,000.

Instructions

(a) Prepare the adjusting entry for Rison Corporation on December 31, 2018, to report the portfolio at fair value.

(b) Indicate the balance sheet and income statement presentation of the fair value data for Rison Corporation at December 31, 2018.

(c) Prepare the journal entry for the 2019 sale.