Santos Corporation Has the Following Trading Portfolio of Debt Investments

Santos Corporation has the following trading portfolio of debt investments as of December 31, 2017. $\begin{array}{lrr}\text { Security } & \text { Cost } & \text { Fair Value }\\\mathrm{A} & \$ 17,000 & \$ 16,000 \\\mathrm{~B} & 23,000 & 25,000 \\\mathrm{C} & 32,000 & 28,000 \\\hline &\$72,000&\$69,000\end{array}$ On January 22, 2018, Santos Corporation sold security C for $30,000.
Instructions
(a) Prepare the adjusting entry for Santos Corporation on December 31, 2017 to report the portfolio at fair value.
(b) Indicate the balance sheet and income statement presentation of the fair value data for the Santos Corporation at December 31, 2017.
(c) Prepare the journal entry for the 2018 sale.