On January 1, 2010, Valuation Allowance for Available-for-Sale Securities has a debit balance of $1,500. On December

Question:

On January 1, 2010, Valuation Allowance for Available-for-Sale Securities has a debit balance of $1,500. On December 31, 2010, the cost of the available-for-sale securities was $67,500, and the fair value was $69,200. Prepare the adjusting entry to record the unrealized gain or loss for available-for-sale securities on December 31, 2010.