Stoll Co.'s long-term available-for-sale portfolio at December 31, 2016, consists of the following

Stoll Co.'s long-term available-for-sale portfolio at December 31, 2016, consists of the following. Available-for-Sale Securities Fair Value cos t 80,000 shares of Company A common stock 46,000 shares of Company B common stock 43,000 shares of Company C common stock $1,048,600 356,750 919,000 346,000 1,338,875 1,392,000 1, Stoll enters into the following long-term investment transactions during year 2017 Jan. 29 Sold 23,000shares of Company B common stock for $177,375 less a brokerage fee of $3,400 Apr 17 Purchased 23,000 shares of Company W common stock for $490,000 plus a brokerage fee of $4,000. The shares represent a 30% ownership in company W July 6 Purchased 8,000 shares of Company X common stock for $262, 625 plus a brokerage fee of 4,000. The shares represent a 12% ownership in Company X Aug. 22 Purchased 100,000 shares of Company Y common stock for $680,000 plus a brokerage fee of $8,800. The shares represent a 51% ownership in company Y Nov. 13 Purchased 12,000 shares of Company z common stock for $524,300 plus a brokerage fee of $6,800. The shares represent a 5% ownership in company Dec. 9 Sold 80,000 shares of Company A common stock for $1,032,000 less a brokerage fee of $4,100 The fair values of its investments at December 31, 2017, are: B, $172,250; C, $1,230,125; W, $392,000; X, $245,750; Y, $1,072,000; and Z, 567100. Required: 1. Determine the amount Stoll should report on its December 31, 2017, balance sheet for its long-term investments in available-for-sale securities. 2. Prepare any necessary December 31, 2017, adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. Required 1 Required 2 Prepare any necessary December 31, 2017, adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. Fair Value Adjustment Computation-Available-for-Sale Unrealized Amount December 31, 2017 AFS Securities # of shares Cost Fair Value Company B common stock Company C common stock Company X common stock Company Z common stock o $ Total Journal entry worksheet ecos the yearend ainyfor theurties prol as of December 31, 2017 Note: Enter debits before credits. Date Credit General Journal Debit Dec 31 Record entry Clear entry View general journal 3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale securities should Stoll report on its December 31, 2017, income statement