Solve the partial balance sheet and partial income statement based in this information.

At December $31,2020,$ the cost and fair value trading securities for Pharoah, Inc. are as follows.

$\backslash$table$[[$Security$,$Cost,Fair Value$],[$A$,$$$19,500,$$$17,900],[$B$,13,000,14,900],[$C$,23,100,20,800],[,$$$55,600,$$$53,600]]$

$($a$)$

Your Answer

Correct Answer $($Used$)$

Prepare the adjusting entry at December $31,2020,$ to report the securities at fair value. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Date

Account Titles and Explanation

Debit

Credit

Dec. $31$

Unrealized Gain or Loss$-$Income

:$\text{'}$

Fair Value Adjustment$-$Trading