Prescrip Co. began operations in 2016. The cost and fair values for its long-term investments portfolio in

Question:

Prescrip Co. began operations in 2016. The cost and fair values for its long-term investments in available-for-sale securities are shown below. Prepare the December 31, 2017, adjusting entry to reflect any necessary fair value adjustment for these investments.
Portfolio of Available-for-Sale Securities Cost Fair Value
December 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $120,483........$118,556
December 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,120............90,271
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...