On Jan 1, 2009 XYZ Co purchased 12,000 shares of ABC Co for $15 a share. ABC has 100,000 shares outstanding. ABC reported net income of $60,000 and paid dividends of $5,000. On Dec 31, 2009 ABC had a market value of $17 a share. XYZ accounts for this investment as available for sale. On Dec 31, 2010 the value of ABC stock was $16.50 per share. Make the appropriate adjusting entry as of December 31, 2010.
Please show steps.