Element Company Had the Following Long-Term Available-For-Sale Securities in Its

Element Company had the following long-term available-for-sale securities in its portfolio at December 31 for each of the years listed.The year-end cost and fair values for its portfolio follow.Beginning with Year 1,prepare the appropriate journal entry to record each year-end market adjustment for these securities.
$\begin{array}{|c|c|c|c|}\hline \text { Available-for-Sale Securities } & \text { Cost } & \begin{array}{c}\text { Fair } \\\text { Value }\end{array} \\\hline \text { Year } 1 & \$ 404,500 & \$ \quad 389,900 \\\hline \text { Year } 2 & 406,400 & 412,600 \\\hline \text { Year } 3 & 454,800 & 472,000 \\\hline\end{array}$