In its first year of operations, Sandhill Corporation purchased available-for-sale debt securities costing $70,000 as a long-term investment. At December 31, 2022, the fair value of the securities is...

Please answer both questions completely. Fill out every single box


Extracted text: In its first year of operations, Sandhill Corporation purchased available-for-sale debt securities costing $70,000 as a long-term investment. At December 31, 2022, the fair value of the securities is $65,000. Prepare the adjusting entry to record the securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31


Extracted text: In its first year of operations, Wildhorse Corporation purchased, available-for-sale debt securities costing $65,000 as a long-term investment. At December 31, 2022, the fair value of the securities is $60,500. Show the financial statement presentation of the securities and related accounts. Assume the securities are noncurrent. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) WILDHORSE CORPORATION Balance Sheet WILDHORSE CORPORATION Comprehensive Income Statement