In its first year of operations, Kearney Corporation purchased available-for-sale stock securities costing $72,000 as a long-term investment. At December 31, 2012, the fair value of the securities is $69,000. Prepare the adjusting entry to record the securities at fair value.

Chapter 15, Brief Exercises #6

In its first year of operations, Kearney purchased available-for-sale stock securities costing $72,000 as a long-term investment. At December 31, 2012, the fair value of the securities is $69,000. Prepare the adjusting entry to record the securities at fair value.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...