Response to the following problem:
Late in the current year, Micron Instruments bought 1,000 shares of National Geographic common stock at $81. 88,600 shares of AT&T Corp. stock at $46.75, and 1,400 shares of Hitachi stock at $79-all as available-for-sale investments. At December 31, The Wall Street Journal reports National Geographic stock at $80.38, AT&T at $48.50, and Hitachi at $68.25.
Required:
1. Determine the cost and the market value of the long-term investment portfolio at December 31.
2. Record any adjusting entry needed at December 31.
3. What two items would Micron Instruments report on its balance sheet for the information given? Make the necessary disclosures.