Problems AnswerSaved Help opens in a new windowSave & ExitSubmit Item$7$ Part $1$ of $210$points eBook Print References Check my workCheck My Work button is now enabled Item $7$ Required information Skip to question $[$The following information applies to the questions displayed below.$]$ Stoll Company's long$-$term available$-$for$-$sale portfolio at the start of this year consists of the following. Available$-$for$-$Sale SecuritiesCostFair ValueCompany A bonds$ $534,500$$ $491,000$Company B notes$159,060155,000$Company C bonds$662,700646,190$ Stoll enters into the following transactions involving its available$-$for$-$sale debt securities this year. January $29$Sold one$-$half of the Company B notes for $$78,500.$July $6$Purchased Company X bonds for $$120,400.$November $13$Purchased Company Z notes for $$267,700.$December $9$Sold all of the Company A bonds for $$524,600.$ Fair values at December $31$ are B$,$ $$84,300$ C$,$ $$601,500$ X$,$ $$112,000$ and Z$,$ $$270,000.$ Required: 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$.$ Determine the amount Stoll reports on its December $31$ balance sheet for its long$-$term investments in available$-$for$-$sale securities$.$

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