Swifty 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		$14,100			$(19,800)			$13,000
Unrealized holding losses on valuation of securities		(25,000)						(14,500)
Unrealized holding gain on valuation of securities					10,500

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

		Cost
BKD Common (15,000 shares @ $32)		$480,000
LRF Preferred (2,100 shares @ $104)		218,400

During 2023, the following events occurred:

1.		Sold 5,000 shares of BKD for $170,000.
2.		Acquired 1,000 shares of Horton Common for $41 per share. Brokerage commissions totaled $1,000.

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

BKD Common, $30 per share

LRF Preferred, $109 per share

Horton Common, $46 per share

(a)

Compute the balance in the Fair Value Adjustment account at December 31, 2022 (after the adjusting entry for 2022 is made). (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Balance in fair value adjustment account

$

b

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

Aggregate cost		$
Aggregate fair value		$

c

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