At January 1 2017 Grand Corporation held one available-for-sale security: 1500 shares of Nettle common stock purchased for $40 per share. At December 31 2017 the fair value per share for Nettle was $42. Prepare the adjusting entry to report the portfolio at fair value at December 31 2017.

Available-For-Sale Security

A financial investment not classified as held-for-trading or held-to-maturity, which can be sold in the short term for cash.

Fair Value

An estimate of a security's worth on an open market, based on what a knowledgeable, willing, and unpressured buyer would likely pay to a knowledgeable, willing, and unpressured seller.

Adjusting Entry

These are journal entries made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.