Question: During the current year marketplace consulting group acquired longterm availableforsale

During the current year, Marketplace Consulting Group acquired long-term available-for-sale securities at an $85,000 cost. At its December 31 year-end, these securities had a fair value of $62,000. This is the first and only time the company purchased such securities.
1. Prepare the necessary year-end adjusting entry related to these securities.
2. Explain how each account used in part 1 is reported in the financial statements.

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  • CreatedMarch 18, 2015
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