Refer to your answer to SE 2. Assume that on December 31, 2012, the cost of Pirat
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Refer to your answer to SE 2. Assume that on December 31, 2012, the cost of Pirat Tech Company’s portfolio of long-term available-for-sale securities was $570,000 and that its market value was $490,000.
In SE 2, 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 record the 2012 year-end adjustment.
Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...
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