Plotner Corporation Has the Following Trading Portfolio of Stock Investments

Plotner Corporation has the following trading portfolio of stock investments as of December 31 2017. $\begin{array}{ccc} \underline{\text { Security }} & \underline{ \text { Cost }}& \underline{ \text { Fair Value }}\\\mathrm{A} & \$ 19,000 & \$ 15,000 \\\mathrm{~B} & 22,000 & 27,000 \\\mathrm{C} & \underline{34,000} & \underline{29,000} \\&\underline{\$75,000}&\underline{\$71,000}\end{array}$ On January 22 2018 Plotner Corporation sold security C for $32000.
Instructions
(a) Prepare the adjusting entry for Plotner 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 Plotner Corporation at December 31 2017.
(c) Prepare the journal entry for the 2018 sale.