Skyline,Inc A Provide the Journal Entry to Record the Adjustment of Year.The

Skyline,Inc.purchased a portfolio of trading securities during the current fiscal year.The cost and fair value of this portfolio on December 31,was as follows:
$\begin{array}{|l|r|r|r|}\hline \text { Name } & \text { Number of Shares } & \text { Total Cost } & \text { Total Fair Value } \\\hline \text { Alcon, Inc. } & 1,200 & \$ 16,000 & \$ 15,000 \\\hline \text { Easton Company } & 700 & 23,000 & 21,500 \\\hline \text { Panther Company } & 300 & \underline {9,000} & \underline {9,200} \\\hline \text { Total } & & \underline {\$ 48,000} &\underline { \$ 45,700 }\\\hline\end{array}$

a. Provide the journal entry to record the adjustment of the trading security portfolio to fair value on December 31.
b. Where will the information from the journal entry be reported on the financial statements?