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Fair Value Journal Entries, Available-for-Sale Investments Storm, Inc. purchased the following available-for-sale securities during Year...

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Fair Value Journal Entries, Available-for-Sale Investments Storm, Inc. purchased the following available-for-sale securities during Year 1, its first year of operations: Name Number of Shares Total Cost Dust Devil, Inc. 1,300 $38,480 Gale Co. 600 43,200 Whirlwind Co. 2,000 56,000 Total $137,680 The market price per share for the available-for-sale security portfolio on December 31, Year 1 was as follows: Market Price per Share Dec. 31, Year 1 Dust Devil, Inc $20.5 Gale Co. 78.5 Whirlwind Co. 27 a. Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, Year 1. Year 1, Dec. 31 b. Is there any impact of December 31, Year 1 journal entry on the income statement? any unrealized gain/loss is reported of the

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