Business, 28.01.2020 22:45 williamwavyy

Storm, inc. purchased the following available-for-sale securities during 2016, its first year of operations:
name number of shares cost
dust devil, inc. 1,900 $81,700
gale co. 850 68,000
whirlwind co. 2,850 114,000
total $263,700
the market price per share for the available-for-sale security portfolio on december 31, 2016, was as follows:
market price per share,
dec. 31, 2016
dust devil, inc. $40
gale co. 75
whirlwind co. 42
required:
a. provide the journal entry to adjust the available-for-sale security portfolio to fair value on december 31, 2016
b. is there any impact of december 31, 2016 journal entry on the income statement? .

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