E17-8B (Available-for-Sale Securities Entries and Reporting) U-For Corporation purchases equity securities costing $163,480 and classifies them as available-for-sale securities. At December 31, the fair value of the portfolio is $167,500. Instructions Pre

E17-8B (Available-for-Sale Securities Entries and Reporting) U-For Corporation purchases equity securities costing $163,480 and classifies them as available-for-sale securities. At December 31, the fair value of the portfolio is $167,500.
Instructions
Prepare the adjusting entry to report the securities properly and indicate the statement presentation of the accounts in your entry.