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

Accounting

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

Security	Cost	Fair Value	Unrealized Gain (Loss)
A	$30,625	$26,250	$(4,375)
B	21,875	24,500	2,625
C	40,250	44,625	4,375
Total	$92,750	$95,375	2,625
Previous fair value adjustment balance-Dr.			700
Fair value adjustment-Dr.			$1,925

On January 20, 2018, Metlock, Inc. sold security A for $26,425. The sale proceeds are net of brokerage fees.

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

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

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