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 Alcon, Inc. 1,200 $16,000 $15,000 Easton Company 700 23,000 21,500 Panther Company 300 9,000 9,200 Total $48,000 $45,700 Required: a. Provide the journal entry to record the adjustment of the trading 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?