How do question D? c. If the fair value of the portfolio of securities was $340,000 on December 31, 20Y6, what would be the journalentry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry isrequired, select "No Entry Required" and leave the amount boxes blank.20Y6 Dec. 31 Valuation Allowance for Available-for-Sale InvestmentsUnrealized Gain on Available-for-Sale Investments20Y6 Dec. 31 Unrealized Loss on Available-for-Sale Investments3,000d. If the fair value of the portfolio of securities was $330,000 on December 31, 20Y6, what would be the journalentry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry isrequired, select "No Entry Required" and leave the amount boxes blank.Valuation Allowance for Available-for-Sale Investments3,0007,000 X7,000 X Fair value adjustment for available-for-sale investmentsM. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations:Issuing CompanyArden Enterprises Inc.French Broad Industries Inc.Pisgah Construction Inc.Issuing CompanyArden Enterprises Inc.French Broad Industries Inc.The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows:Fair Value,Dec. 31, 20Y5Pisgah Construction Inc.Cost$150,00066,000104,000$320,000$168,00072,00097,00020Y6 Dec. 31 No Entry RequiredNo Entry Required$337,000a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5. If anamount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leavethe amount boxes blank.20Y5 Dec. 31 Valuation Allowance for Available-for-Sale InvestmentsUnrealized Gain on Available-for-Sale Investments17,00017,000b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journalentry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry isrequired, select "No Entry Required" and leave the amount boxes blank.31

A journal entry is a form of accounting entry that is used to report a business transaction in a…

d. If the fair value of the portfolio of securities was $330,000 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. 20Y6 Dec. 31 Unrealized Loss on Available-for-Sale Investments Valuation Allowance for Available-for-Sale Investments 7,000 X 7,000 X