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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