Storm, Inc. purchased the following available-for-sale securities during 20Y9, its first year of operations:
| Name | Number of Shares | Cost |
|---|---|---|
| Dust Devil, Inc. | 1,100 | $31,680 |
| Gale Co. | 500 | $35,050 |
| Whirlwind Co. | 6,100 | $65,100 |
| Total | $131,830 |
The market price per share for the available-for-sale security portfolio on December 31, 20Y9 was as follows:
| Market Price per Share Dec 31, 2016 | |
|---|---|
| Dust Devil, Inc. | $31 |
| Gale Co. | $76 |
| Whirlwind Co. | $30 |
a. Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, 20Y9.
b. Is there any impact of the December 31, 20Y9 journal entry on the income statement?
