Question: Date 1 (a) 2 Dec 31 3 4 5 4 6 56 7(b) 8 Current Assets: 7 9 8 10 23 Account Titles. Debit Credit

Date 1 (a) 2 Dec 31 3 4 5 4 6 56 7(b) 8 Current Assets: 7 9 8 10 23 Account Titles. Debit Credit 1 4 5 6 Balance Sheet 7 8 9 10 11 Income Statement 19 11 20 12 Other Expenses and Losses: 21 13 22 14 23 15 2345 16.10 (LO 3) Financial Statement At December 31, 2020, the trading debt securities for Storrer. Inc. are as follows. Security ABC Cost $17,500 Fair Value $16,000 12,500 14,000 23,000 21,000 $53,000 $51,000 Instructions a. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. b. Show the balance sheet and income statement presentation at December 31, 2020, after adjustment to fair value

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