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M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Cost Arden Enterprises Inc. $143,700 French Broad Industries Inc. 64,860 Pisgah Construction Inc. 100,480 $309,040 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Issuing Company Fair Value, Dec. 31, 20Y5 Arden Enterprises Inc. $162,860 French Broad Industries Inc. 78,960 Pisgah Construction Inc. 95,770 $337,590 Required: a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5.* b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value?* c. If the fair value of the portfolio of securities was $339,890 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value?* d. If the fair value of the portfolio of securities was $331,290 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value?* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. If no entry is required, simply skip to the next transaction.

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