On December 31, 2017, Lujack Co. held the following short-term available-for-sale securities. Lujack had no short-term investments

Question:

On December 31, 2017, Lujack Co. held the following short-term available-for-sale securities. Lujack had no short-term investments prior to the current period. Prepare the December 31, 2017, year-end adjusting entry to record the fair value adjustment for these securities.
Available-for-Sale Securities Cost Fair Value
Nintendo Co. . . . . . . . . . . . . . . . . . . . . . . . . . . $44,450..........$48,900
Atlantic bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,000...............47,000
Kellogg Co. notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000................23,200
McDonald's Corp. . . . . . . . . . . . . . . . . . . . . . . 46,300..............44,800
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...