Min Industries had selected unadjusted balances as shown below at year-end. A search on the Internet showed fair values on December 31, 2014, of: CashCo, $18; Wells, $0.70. Prepare the appropriate entry on December 31, 2014, to record the valuation adjustment.
Short-Term Investments.........Unadjusted Balance at Dec. 31/14
CashCo shares (21,250 shares) ................................................................ $340,000
Wells shares (45,000 shares).................................................................... 34,000