Loreal-American Corporation purchased several marketable securities during 2024. At December 31, 2024, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2023, and all are considered securities available-for-sale.

Required:
1. Prepare appropriate adjusting entry at December 31, 2024.
2. What amounts would be reported in the income statement at December 31, 2024, as a result of the adjusting entry?

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Short term: Blair, Inc. ANC Corporation Totals Long term: Drake Corporation Aaron Industries Totals Cost $ 480,000 450,000 $ 930,000 $ 480,000 720,000 $1,200,000 Fair Value $ 405,000 480,000 $ 885,000 $ 560,000 660,000 $1,220,000 Unrealized Holding Gain (Loss) $ (75,000) 30,000 $ (45,000) $ 80,000 (60,000) $ 20,000