$(8$HV$)$

QS C$-8($Algo$)$ Recording fair value adjustment for available$-$for$-$sale debt securities LO P$3$

During the current year, Reed Confulting acquired long$-$term walable$-$for$-$sale debt securities on July $1$ at a $$91,000$ cost At its December $37$ year$-$end, these securities had a fair value of $$76900.$ This is the frst and only time the compary purchased such securties$.$

Prepare the July $1$ entry to record the purchase of these debt securties$.$

Prepare the year$-$end adjusting entry related to these securises$.$

Journal entry worksheet

$2$

Aecord purchase of avalable$-$for$-$sale seourties.

Note: Grter debits before oredita.

$\backslash$table$[[-151,$Gatural Jeumal,Debil,Cradit$],[3$ay $61,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

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