Trading secure bat it sold to tam Jones reported a $10,000 credit balance in its Fair value adjustment- account in its December 31, 2016 (prior year), balance sheet. Assume that securities during 2016 or 2017. Required: 1. How much should Jones report as unrealized gain or loss on its 2017 inco 2. Prepare the journal entry that Jones would make to record the 2017 fair value to its trading portfolio. 2017 income statement fair value adjustment utstanding common significant influence In January 2017, Harold Corporation acquired 20% of Otis Company's outstandine stock for $400,000. This investment gave Harold the ability to exercise significant over Otis. The book value of Otis's net assets was $1,500,000. The excess of cost value was attributed to an identifiable intangible asset, a patent, which was undervalu Otis's balance sheet and had a remaining 10-year useful life. For the year ended December 31, 2017, Otis reported net income of $90,000 and paid each dividends of $20,000 on its common stock. Required: 1. How much would Harold Corporation report as investment income in 2017 related to its investment in Otis? 2. What is the carrying value of Harold's investment in Otis Company at December 31, 2017? Sage Inc. bought 40% of Adams Corporation's outstanding common stock on January 2, 2017, or $400,000. The carrying amount of Adams's net assets at the purchase date totaled $900,00 for blant and inventory, for