Fair Value Journal Entries, Available for Sale Investments The Investments of Steelers Inc. Indude a single investment 5400,000 of Bengals Inc. 5 bonds purchased at 100 on January 1, 2017. These bonds were classified as available for sale securities. As of the December 31, 2017, balance sheet date, the fair value of the bonds declined to $392,800. a. Journalize the entries to acquire the investment on January 1, 2017, and record the adjustment to fair value on December 31, 2017. If an amount box does not require an entry, leave it blank 2017 Jan. 1 investments Bengals Inc. Bonds Cash 1 2017 Dec.31 Unrealized Gain (Loss) on Available Valuation Allowance for Available for Sale Inve a. When recording the purchase of the investment, consider the amou he brokerage commission Calculate any difference between the portfolio cost of investment and the fair value. If required, record any unrealized gainyloss. b. How is the unrealized gain or loss for available for sale investments disclosed on the financial statements? Unrealized Gain (Loss) on Available for Sale Investments is reported in the stockholders' equity section of the balance sheet