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

Accounting

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

Security Cost Fair Value Unrealized Gain (Loss)

A $35,875 $30,750 $(5,125)

B 25,625 28,700 3,075

C 47,150 52,275 5,125

Total $108,650 $111,725 3,075

Previous fair value adjustment balance Dr. 820

Fair value adjustment Dr. $2,255

On January 20, 2018, Carla, Inc. sold security A for $30,955. 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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