Question: On February 1 2017 Razorback Corporation decides to transfer its
On February 1, 2017, Razorback Corporation decides to transfer its available-for sale securities to the trading category. These securities had been purchased for $9,400 early in 2016 and had a fair value of $11,700 on December 31, 2016. On February 1, 2017, the securities have a fair value of $12,500. Prepare the journal entries to record the transfer.
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