Skyline, Inc. purchased a portfolio of available-for-sale securities during the current fiscal year. The cost and fair value of this portfolio on December 31 were as follows: Name Number of Shares Total Cost Total Fair Value Blackstone, Inc. 400 $4,000 $5,200 Flagler Company 200 3,000 2,700 Patterson Corporation 600 7,500 9,800 Total $14,500 $17,700 Required: 1. Provide the journal entry to record the adjustment of the available-for-sale security portfolio to fair value on December 31. Dec. 31 2. Where will the information from the journal entry be reported on the financial statements? will increase the value of t The will be reported on the balance sheet as part of stockholders' equity. The portfolio in the Assets section on the balance sheet