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On December 31, 2020, Banff Company held an investment in Glacier Inc. bonds with an original cost of $41,400. The investment was classified as an available-for-sale security, had a fair value of $38,700 on December 31, 2020, and was the only investment in the available-for-sale security portfolio in 2020. In 2021, Banff sold the investment in Glacier Inc. bonds for $36,000. On December 31, 2021, assume that Banff Company has an $14,400 net unrealized holding gain on other available-for-sale securities purchased during 2021.
Problem a. Prepare the adjusting entry on December 31, 2020, to record the unrealized holding gain or loss on the Glacier Inc. bond investment.
Problem b. Prepare the adjusting entry on December 31, 2021, to record the unrealized holding gain or loss on Banff's available-for-sale portfolio.
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