Refer to the information in Exercise 15-10. 

(1) After the fair value adjustment is made, prepare the assets section of Mars Co.’s December 31 classified balance sheet. Assume Mars plans to sell its stock investments within the next six months. 

(2) In which income statement section is the unrealized gain (or loss) on the portfolio of stock investments reported?

Data From Exercise 15-10

On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Prepare the December 31 adjusting entry to report these investments at fair value.

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Stock Investments Cost Fair Value $ 6,000 $ 8,000 Apple stock Chipotle stock Under Armour stock. 4,000 1,500 12,000 14,000