Question: Storm Inc purchased the following available for sale securities during 2014 its

Storm, Inc. purchased the following available-for-sale securities during 2014, its first year of operations:

The market price per share for the available-for-sale security portfolio on December 31, 2014, was as follows:
Market Price per Share,
Dec. 31, 2014____________________________
Dust Devil, Inc. ........ $40
Gale Co. ........... 75
Whirlwind Co. ........... 42
a. Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, 2014.
b. Describe the income statement impact from the December 31, 2014, journalentry.
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  • CreatedFebruary 28, 2014
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