In its first year of operations, Godfrey Corporation purchased, as a long-term investment, available-for-sale debt securities costing

Question:

In its first year of operations, Godfrey Corporation purchased, as a long-term investment, available-for-sale debt securities costing $72,000. At December 31, 2020, the fair value of the securities is $68,000. Prepare the adjusting entry to record the securities at fair value.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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