ssighmentMain.do?invoker-assignments&takeAssignmentSessionLocator=assignment-take&inpro Fair Value Journal Entries, Available-for-Sale Investments Hurricane Inc. purchased a portfolio of available-for-sale securities in Year 1, its first year of operations. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Tornado Inc. 1,050 $14,070 $15,620 Tsunami Corp. 700 22,960 25,030 Typhoon Corp. 300 9,300 8,840 Total $46,330 $49,490 On June 12, Year 2, Hurricane purchased 600 shares of Rogue Wave Inc. at $31 per share plus a $90 brokerage commission. a. Provide the journal entries to record the following: 1. The adjustment of the available-for-sale security portfolio to fair value on December 31, Year 1 2. The June 12, Year 2, purchase of Rogue Wave Inc. stock Year 1, Dec. 31 Year 2, June 12 Activate Windows b. How are unrealized gains and losses treated differently for available-for-sale securities than fors trading securities? Name Number of Shares Cost Arden Enterprises Inc. $150,000 5,000 French Broad Industries Inc. 2,750 66,000 Pisgah Construction Inc. 1,600 104,000 $320,000 Total The market price per share for the trading security portfolio on December 31, Year 1, was as follows: Market Price per Share, Dec. 31, Year 1 $34 Arden Enterprises Inc. 26 French Broad Industries Inc. 60 Pisgah Construction Inc. Provide the journal entry to adjust the trading security portfolio to fair value on December 31, Year 1. If no entry is required, select "no entry required" and leave the amount box blank. a. Year 1, Dec. 31