Skyline, Inc. purchased a portfolio of trading securities during the current fiscal year. The cost and fair value of this portfolio on December 31 was 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 a. Provide the journal entry to record the adjustment of the trading security portfolio to fair value 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 as "Other Revenue." The will increase the value of the portfolio in the assets section on the balance sheet.