Question: At December 31, 2012, the trading securities for Lynette, Inc., are as follows. Instructions(a) Prepare the adjusting entry at December 31, 2012, to report the

At December 31, 2012, the trading securities for Lynette, Inc., are as follows.

Instructions(a) Prepare the adjusting entry at December 31, 2012, to report the securities at fair value.(b) Show the balance sheet and income statement presentation at December 31, 2012, after adjustment to fairvalue.

Fair Value Cost Security A $18,100 12,500 23,000 $16,000 14,800 18,000 $48,800 Total $53,600

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