Check my work Check My Work button is now enabledItem 4Item 4 Part 1 of 2 4 points Required information [The following information applies to the questions displayed below.] Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Cost Fair Value Company A bonds $ 535,300 $ 490,000 Company B notes 159,380 154,000 Company C bonds 662,750 640,940 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company B notes for $79,200. July 6 Purchased bonds of Company X for $126,600. Nov. 13 Purchased notes of Company Z for $267,900. Dec. 9 Sold all of the bonds of Company A for $515,000. The fair values at December 31 are B, $81,000 C, $610,000 X, $118,000 and Z, $278,000.

Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities.

2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities