Whitehorse Company purchased the following available-for-sale investments during 2014, its first year of operations:

The market price per share for the available-for-sale investment portfolio on December 31, 2014, and December 31, 2015 was as follows:

a. Provide the journal entry to adjust the available-for-sale investment portfolio to fair value on:
1. December 31, 2014
2. December 31, 2015
b. Describe the income statement impact from the December 31, 2015, journal entry.

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Name Number of Shares Cost Barns Electronics Ltd. Ryan Corp. Muskrat Lake Inc. Total $ 42,500 28,200 1,500 400 2.200 66,100 $136,800 Market Price per Share Dec. 31, 2014 Dec. 31, 2015 Barns Electronics Ltd. Ryan Corp. Muskrat Lake Inc. $31.00 77.00 29.00 $28.00 67.00 26.00