Min Industries had selected unadjusted balances as shown below at

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

Members

  • Access to 1 Million+ Textbook solutions
  • Ask any question from 24/7 available
    Tutors
$13.99
VIEW SOLUTION
OR

Non-Members