Question: On February 1 Year 2 the Razorback Corporation decides to
On February 1, Year 2, the Razorback Corporation decides to transfer its available-for-sale securities to the trading category. These securities had been purchased for $9,400 early in Year 1 and had a fair value of $11,700 on December 31, Year 1. On February 1, Year 2, the securities have a fair value of $12,500. Prepare the journal entries to record the transfer.
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