Stoll Co$.\text{'}$s long$-$term available$-$for$-$sale portfolio at the start of this year consists of the following.Available$-$for$-$Sale SecuritiesCostFair ValueCompany A bonds$$535,300$$$490,000$Company B notes$159,380154,000$Company C bonds$662,750713,630$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 $$79,200.$July $6$Purchased Company X bonds for $$126,600.$Nov. $13$Purchased Company Z notes for $$267,900.$Dec. $9$ Sold all of the Company A bonds for $$515,000.$Fair values at December $31$ are B$,$ $$81,000$; C$,$ $$665,000$; X$,$ $$118,000$; and Z$,$ $$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$\mathrm{.}2.$ Determine the amount Stoll reports on its December $31$ balance sheet for its long$-$term investments inavailable$-$for$-$sale securities$\mathrm{.}3.$ What amount of gains or losses on transactions relating to long$-$term investments in available$-$for$-$sale debt securities does Stoll report on its income statement for this year?