Wetzel Company Has a Credit Balance of $88,000 in Its

Wetzel Company has a credit balance of $88,000 in its Allowance to Adjust Long-Term Investments to Market account at the end of the year,before adjustment.Its investment portfolio has a total cost of $600,000 and a market value of $528,000 at December 31,a balance sheet date.The year-end adjustment entry that would be recorded in the books of Wetzel Company is:

A) Long-Term Investments 16,000
Realized Gain on Long-Term Investments 16,000
B) Allowance to Adjust Long-Term Investments to Market 16,000
Unrealized Loss on Long-Term Investments 16,000
C) Unrealized Loss on Long-Term Investments 16,000
Allowance to Adjust Long-Term Investments to Market 16,000
D) Long-Term Investments 16,000
Allowance to Adjust Long-Term Investments to Market 16,000