Brief Exercise 16-05 The cost of the trading securities of Pharoah Company at December 31, 2020, is $52,500. AL December 31, 2020, the fair value of the securities is $50,250. Show the financial statement presentation of the trading securities and related accounts PHAROAH COMPANY Balance Sheet (Partial) PHAROAH COMPANY Income Statement (Partial) Click if you would like to show Work for this question: Open Show Work Brief Exercise 16-06 In its first year of operations, Carla Vista Corporation purchased, as a long-term investment, available for sale de securities is $64,550 securities costing 569,500. At December 31, 2020, the fair va Prepare the adjusting entry to record the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. I is required, select "No entry for the tr e nter for the ants) Debit Credit Date Account Titles and Explanation Dec. 31