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 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.


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...

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!
Related Book For answer-question

Financial Accounting Tools for business decision making

6th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

ISBN: 978-0470534779