Skyline, Inc., purchased a portfolio of trading securities during the current fiscal year. The cost and fair value of this portfolio on December 31 were as follows: Issuing Company Total Cost Total Fair Value Alcon, Inc. $16,000 $15,000 Easton Company 21,500 23,000 9,000 Panther Company 9,200 Total $48,000 $45,700 Required: a. Journalize the adjusting entry for the fair value of the trading securities on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 b. Where will the information from the journal entry be reported on the financial statements? The will be reported on the income statement. The will reduce the value of the portfolio on the balance sheet