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:

	a. Provide the journal entry to record the adjustment of the available-for-sale security portfolio to fair value on December 31. Refer to the Chart of Accounts for exact wording of account titles.
	b. Where will the information from the journal entry be reported on the financial statements?

a. Provide the journal entry to record the adjustment of the available-for-sale security portfolio to fair value on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT b. Where will the information from the journal entry be reported on the financial statements? The as part of stockholders' equity. The increase the value of the portfolio in the Assets section on the balance sheet. will be reported on the balance sheet will