Use the following data for problems #$17-18$:

Fair Value Accounting $-$ Investments: Use the following information for Problems #$17-$ #$18$

On September $30,2011$ Consolidated Holdings Corporation has the following portfolio of securities

$($Note Consolidated Ownership share in each company is $15\%).$

Problem #$17$: Record the journal entry for the fair value adjustment on September $30,2011$

Problem #$18$: On Oct. $15,2012,$ the Horace shares were sold at a price of $$40$ per share. In addition,

$3,000$ shares of Paris Inc. common stock were acquired at $$75$ per share $($this represents $15\%$ ownership

of Paris$)$:

a$]$ Record the journal entries to record the sale of the Horace Shares

b$]$ Record the journal entry for purchase of the Paris shares