At December 31, 2022, the equity investment portfolio for Wenger, Inc. is as follows.

On January 20, 2023, Wenger, Inc. sold investment A for $15,300. The sale proceeds are net of brokerage fees.

Instructions

a. Prepare the adjusting entry at December 31, 2022, to report the portfolio at fair value.

b. Show the statement of financial position presentation of the investment-related accounts at December 31, 2022.

c. Prepare the journal entry or entries for the 2023 sale of investment A.

d. Repeat requirement (a), assuming the portfolio of investments is non-trading.

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Investment Cost Fair Value Unrealized Gain (Loss) A $17,500 $15,000 $(2,500) В 12,500 14,000 1,500 C 23,000 25,500 2,500 Total $53,000 $54,500 1,500 Previous fair value adjustment balance-Dr. 200 Fair value adjustment-Dr. $1,300