(Answered) Problem - at december 31 2017 the available-for-sale debt

Accounting

Problem - At December 31, 2017, the available-for-sale debt portfolio for Marin, Inc. is as follows.

Security	Cost	Fair Value	Unrealized Gain (Loss)
A	$32,375	$27,750	$(4,625)
B	23,125	25,900	2,775
C	42,550	47,175	4,625
Total	$98,050	$100,825	2,775
Previous fair value adjustment balance-Dr.			740
Fair value adjustment-Dr.			$2,035

On January 20, 2018, Marin, Inc. sold security A for $27,935. The sale proceeds are net of brokerage fees.

Required -

a) Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair value.

b) Show the balance sheet presentation of the investment-related accounts at December 31, 2017.

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