Question: On December 31 2011 the market value of Pirat Tech
On December 31, 2011, the market value of Pirat Tech Company’s portfolio of long-term available-for-sale securities was $640,000. The cost of these securities was $570,000. Prepare the journal entry to adjust the portfolio to market at year-end, assuming that the company did not have any long-term investments prior to 2011.
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