Storm, Inc. purchased the following available-for-sale securities during 2016, its first year of operations:

Name		Number of Shares		Cost
Dust Devil, Inc.		1,900		$81,700
Gale Co.		850		68,000
Whirlwind Co.		2,850		114,000
	Total			$263,700

The market price per share for the available-for-sale security portfolio on December 31, 2016, was as follows:

	Market Price per Share,
	Dec. 31, 2016
Dust Devil, Inc.	$40
Gale Co.	75
Whirlwind Co.	42

a. Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, 2016.

2016 Dec. 31	Valuation Allowance for Available-for-Sale Investments

b. Is there any impact of December 31, 2016 journal entry on the income statement?

, any unrealized gain/loss is reported of the