At the end of 2012, DEspagne Company owned the following security (which was originally purchased for $60,000

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At the end of 2012, D’Espagne Company owned the following security (which was originally purchased for $60,000 and had a market value at the end of 2011 of $64,000).

Classification Historical Cost Market Value (December 31, 2012)

Trading $60,000 $58,000

Make the necessary journal entry (or entries) to record the change in value of the security in 2012.

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Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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Question Posted: Dec 27, 2011 10:07 AM

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At the end of 2012, DEspagne Company owned the following security (which was originally purchased for $60,000

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Unrealized Loss on Trading Securities x Income 6000 Market Adjustment x Tr...View the full answer

Accounting concepts and applications

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