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

Accounting

Problem -

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

Security Cost Fair Value Unrealized Gain (Loss)

A $25,375 $21,750 $(3,625)

B 18,125 20,300 2,175

C 33,350 36,975 3,625

Tota $76,850 $79,025 2,175

Previous fair value adjustment balance-Dr.580

Fair value adjustment-Dr.$1,595

On January 20, 2018, Stellar, Inc. sold security A for $21,895. The sale proceeds are net of brokerage fees.

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

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