S 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Trading Securities December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 Cost Fair Value $73 $ 53 60 82 78 92 105 73 Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities. * Answer is complete but not entirely correct. No Date General Journal 1 Dec 31, 2016 Unrealized loss-Income Fair value adjustment-Trading (ST) Debit Credit 20 20 2 Dec 31, 2017 Fair value adjustment-Trading (ST) Unrealized gain-Income 42 42 3 Dec 31, 2018 Fair value adjustment-Trading (ST) 15 x Unrealized gain-Income 15 4 Dec 31, 2019 Unrealized loss-Income 34 Fair value adjustment-Trading (ST) 34