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E3-23 At December 31, 2002, the trading securities for Yanu, Inc. are as follows:

E3-23 At December 31, 2002, the trading securities for Yanu, Inc. are as follows:
Security    Cost         Fair Value
A              17500      16000
B              12500      14000
C              23000      19000
               $53,000    $49,000
Instructions:
(a) Prepare the adjusting entry at December 31, 2002, to report the securities at fair value.
(b) Show the balance sheet and income statement presentation at December 31, 2002, after adjustment to fair value.

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