Troy enters into the following transactions involving its available$-$for$-$sale debt securities this year.

Jan. $13$ Sold one$-$fourth of the Company $S$ notes for $$72,250.$

Apr. $5$ Purchased Company V bonds for $$133,875.$

Sep. $2$ Sold all of the Company $T$ bonds for $$156,750.$

Oct. $30$ Purchased Company X notes for $$48,750.$

The fair values at December $31$ are R$,$ $$568,125$;$S,$$$234,345$;$V,$$$134,940$; and $x,$$$45,625.$

Required

Prepare journal entries to record these transactions, including any necessary December $31$ adjusting entry to record the fair value

adjustment of the long$-$term investments in available$-$for$-$sale securities$.$

Determine the amount Troy reports on its December $31$ balance sheet for its long$-$term investments in available$-$for$-$sale securities$.$

What amount of gains or losses on transactions relating to long$-$term investments in available$-$for$-$sale securities does Troy report on its

income statement for this year?