Biomet, Inc. provided the following disclosures in Note 5 of its 2008 annual report. It describes the company's investments in available-for-sale equity securities (dollars in millions).
a. Compute the fair market value of Biomet's available-for-sale equity portfolio for both 2008 and 2007.
b. What was the effect on the company's comprehensive income amount associated with its available-for-sale securities?
c. Assume that Biomet sold its entire portfolio of available-for-sale securities at the end of 2008. How much income would be realized on the sale? Provide the journal entry.