Tolland Financial began operators in 2012 and invests in securities classified as available-for-sale. During 2012, it entered

Question:

Tolland Financial began operators in 2012 and invests in securities classified as available-for-sale. During 2012, it entered into the following available-for-sale security transactions:
Purchased 10,000 shares of DTR at $ 50 per share
Purchased 44,000 shares of MJO at $ 22 per share
At December 31, 2012, DTR was trading at $ 62 per share and MJO was trading at $ 21 per share.
Required:
1. Prepare the necessary adjusting entry to value the available-for-sale securities at fair market value.
2. What is the income statement effect of this adjusting entry? Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...