On December 31, 2011, the market value of Pirat Tech Companys portfolio of long-term available-for-sale securities was
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On December 31, 2011, the market value of Pirat Tech Company’s portfolio of long-term available-for-sale securities was $640,000. The cost of these securities was $570,000. Prepare the journal entry to adjust the portfolio to market at year-end, assuming that the company did not have any long-term investments prior to 2011.
Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...
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