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Exercise 17-09 At December 31, 2020, the available-for-sale debt portfolio for Kingbird, Inc. is as follows. Security Cost Fair Value A $18,375 $15,750 13,125 14,700 C 24,150 26,775 Total $55,650 $57,225 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(2,625 ) 1,575 2,625 1,575 420 $1,155 On January 20, 2021, Kingbird, Inc. sold security A for $15,855. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Debit Credit Account Titles and Explanation Fair Value Adjustment Unrealized Holding 1155 1155 LINK TO TEXT Show the balance sheet presentation of the investment-related accounts at December 31, 2020. (Do not leave any answer field blank. Enter o for amounts.) KINGBIRD, INC Balance Sheet December 31, 2020 Current Assets Current Assets 57225 Accumulated other Comprehensive Income Stockholders' Equity 0 Additional Paid in Capital 0 Retained Earnings 0 57225 Add Accumulated other Comprehensive Income 1575 Wiley PLUS 12/3/2020 Total Stockholders' Equity 1575 LINK TO TEXT Prepare the journal entry for the 2021 sale of security A. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit lan. 20, 2021 Click if you would like to Show Work for this question: Open Show Work

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