M. Jones Inc. purchased the following available-for-sale securities during 2015, its first year of operations Issuing...

 

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M. Jones Inc. purchased the following available-for-sale securities during 2015, its first year of operations Issuing Company Arden Enterprises Inc French Broad Industries Inc. Pisgah Construction Inc. Cost $150,000 66,000 104,000 $320,000 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Issuing Company Arden Enterprises Inc. French Broad Industries Inc. Pisgah Construction Inc. Fair Value, Dec. 31, 2015 $172,000 71,000 95,000 $338,000 a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 2015. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. 2015 Dec. 31 38 b. If the fair value of the portfolio of securities were the same on December 31, 2016, what would be the journal entry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.. 2016 Dec. 31 c. If the fair value of the portfolio of securities was $340,500 on December 31, 2016, what would be the journal entry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. 2016 Dec. 31 M. Jones Inc. purchased the following available-for-sale securities during 2015, its first year of operations Issuing Company Arden Enterprises Inc French Broad Industries Inc. Pisgah Construction Inc. Cost $150,000 66,000 104,000 $320,000 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Issuing Company Arden Enterprises Inc. French Broad Industries Inc. Pisgah Construction Inc. Fair Value, Dec. 31, 2015 $172,000 71,000 95,000 $338,000 a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 2015. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. 2015 Dec. 31 38 b. If the fair value of the portfolio of securities were the same on December 31, 2016, what would be the journal entry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.. 2016 Dec. 31 c. If the fair value of the portfolio of securities was $340,500 on December 31, 2016, what would be the journal entry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. 2016 Dec. 31