Loreal-American Corporation purchased several marketable securities during 2021. At December 31, 2021, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2020, and all are considered securities available-for-sale. Cost Fair Value Unrealized Holding Gain (Loss) Short term: Blair, Inc. $ 480,000 $ 405,000 $ (75,000 ) ANC Corporation 450,000 480,000 30,000 Totals $ 930,000 $ 885,000 $ (45,000 ) Long term: Drake Corporation $ 480,000 $ 560,000 $ 80,000 Aaron Industries 720,000 660,000 (60,000 ) Totals $ 1,200,000 $ 1,220,000 $ 20,000 Required: 1. Prepare appropriate adjusting entry at December 31, 2021. 2. What amount would be reported in the income statement at December 31, 2021, as a result of the adjusting entry