Fickle Financial buys and sells securities that it classifies as available-for-sale. On December 28, Fickle purchased Microsoft

Question:

Fickle Financial buys and sells securities that it classifies as available-for-sale. On December 28, Fickle purchased Microsoft common shares for $485,000. On December 31, the shares had a fair value of $483,000. Record the initial investment by Fickle and, if appropriate, an adjustment to record the investment at fair value.