Refer to your answer to SE 2. Assume that on December 31, 2010, the cost of Logan

Question:

Refer to your answer to SE 2. Assume that on December 31, 2010, the cost of Logan Tech Company’s portfolio of long-term available-for-sale securities was $285,000 and that its market value was $245,000. Prepare the entry in journal form to record the 2010 year-end adjustment.

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...