Nakagama Limited owns 10,000 common shares of Deal Inc. purchased for selling in the near term. The

Question:

Nakagama Limited owns 10,000 common shares of Deal Inc. purchased for selling in the near term. The carrying value of Deal Inc.'s common shares at November 30, 2014, is $46,000. The fair value of the investment at November 30 and December 31, 2014, is $44,000 and $47,000, respectively. The company prepares adjusting journal entries monthly. Prepare the required adjusting entries to record the securities at fair value at November 30 and December 31.