Following Are Data for the Trading Securities Held by Lindy

Essay

Following are data for the trading securities held by Lindy Company as of December 31:
​ $\begin{array}{|l|c|c|c|c|c|}\hline\text { Name } & \begin{array}{c}\text { Number of } \\\text { Shares }\end{array} & \begin{array}{c}\text { Cost } \\\text { per Share }\end{array} & \begin{array}{c}\text { Fair Value } \\\text { per Share }\end{array} & \text { Total Cost } & \text { total Fair Value } \\\hline \text { Laurie, Inc. } & 1,200 & \$ 15.00 & \$ 15.40 \\\hline \text { Scott Corp. } & 800 & 8.00 & 8.25 \\\hline \text { Stephanie Company } & 700 & 14.40 & 13.50 \\\hline \text { Timmer Company } & 900 & 12.35 & 10.77 \\\hline \text { Total } & & & \\\hline\end{array}$ ​
(a) Complete the table above to find the total cost and fair value for the company's trading securities portfolio.
(b) Calculate and record the required December 31 adjustment.
(c) Explain how the adjustment from step (b) is reported on Lindy's financial statements.