At December 31 2017 the Available-For-Sale Securities for Allison Inc

At December 31 2017 the available-for-sale securities for Allison Inc. are as follows. $\begin{array}{lrr} \underline{\text { Security }} & \underline{ \text { Cost }}& \underline{ \text { Fair Value }}\\\text {X} & \$ 27,500 & \$ 24,000 \\\text {Y }& 12,500 & 13,000 \\\text {Z} & \underline{23,000} & \underline{18,000} \\&\underline{ \$ 63,000} &\underline{ \$ 55,000}\end{array}$ Instructions
(a) Prepare the adjusting entry at December 31 2017 to report the securities at fair value.
(b) Show the balance sheet and income statement presentation at December 31 2017 after adjustment to fair value. The securities are considered to be a long-term investment.