Cumberland, Inc., purchased the following available-for-sale securities during 2012, its first year of operations:

The market price per share for the available-for-sale security portfolio on December 31, 2012, was as follows:Market Price per ShareDec. 31, 2012Abbotford Electronics, Inc... $22Ryan Co............ 65Sharon Co..........32a. Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, 2012.b. Describe the income statement impact from the December 31, 2012, journal entry.

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Number of Shares 1,500 400 2,200 Cost Name Abbotford Electronics, Inc. Ryan Co. Sharon Co. Total $ 42,500 28,200 66,100 $136,800