E16.10 Prepare adjusting entry to record fair value, and indicate statement presentation At December 31, 2020, the trading securities for Storrer, Inc. are as follows. Security Cost Fair Value A $17,500 $16,000 B 12,500 14,000 23,000 21,000 $53,000 $51,000 Instructions (a Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. Show the balance sheet and income statement presentation at December 31, 2020, after adjustment to fair value. NOTE: Enter a number in cells requesting a value; enter either a number or a formula i (a) Dec. 31 Account Value Account Value (b) Balance Sheet Current assets Short-term investments, at fair value Income Statement Other expenses and losses Unrealized loss on trading securities After you have completed the requirements of E16.10, consider the additional question. Answers are on the other tab in this file. 1. Suppose the market value of stocks changed to $57,000. Revise the adjusting entry at December 31, 2020, to report the securities at fair valance and show the balance sheet and income statement presentation after adjustment to fair value