wita, 0 Balance Sheet Valuation 30 Polnts: 20 Minutes Petterson, Inc. At December 31, 2020, the available-for-sale eq uity securities portfolio for Petterson, Inc. is as follows Security Cost Eair Value $29,500 72,500 $27,800 89,000 43,000 38,000 145,000 $154.800 Instructions (a) Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (b) Explain and CLEARLY llustrate what would be reported on the balance sheet and income statement at December 31, 2020, after the adjusting entry. The securities are long-term investments. c) How would your answer to (b) change if these securities are classified as trading securities. BE SPECIFIC