Skysong Company began operations in 2020. Since then, it has reported the following gains and losses for its equity investments in on the income statement:

		2020			2021			2022
Gains (losses) from sale of securities		$14,200			$(20,600)			$14,000
Unrealized holding losses on valuation of securities		(24,700)						(14,900)
Unrealized holding gain on valuation of securities					10,000

At January 1, 2023, Skysong owned the following trading securities:

		Cost
BKD Common (16,000 shares @ $30)		$480,000
LRF Preferred (2,100 shares @ $104)		218,400

During 2023, the following events occurred:

1.		Sold 5,300 shares of BKD for $174,900.
2.		Acquired 1,000 shares of Horton Common for $39 per share. Brokerage commissions totaled $1,000.

At 12/31/23, the fair values for Skysong's investments were:

BKD Common, $28 per share

LRF Preferred, $109 per share

Horton Common, $44 per share

Compute the balance in the Fair Value Adjustment account at December 31, 2022 (after the adjusting entry for 2022 is made).

Balance in fair value adjustment account

$

Compute the aggregate cost and fair values for Skysong's securities portfolio at 12/31/23.

Aggregate cost		$
Aggregate fair value		$

Prepare the necessary adjusting entry based upon your analysis in (b) above. (. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
12/31/23