Question: 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

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.

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