M. Jones Inc. purchased the following available for sale securities during 20Y5, its first year of operations:

Question:

The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows:

a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5.

b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value?

c. If the fair value of the portfolio of securities was $340,000 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value?

d. If the fair value of the portfolio of securities was $330,000 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value?

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Related Book For answer-question

Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

Question Posted: Apr 13, 2021 07:01 AM

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