At January 1, 2005, Gulfport Corporation held one available-for-sale security: 1,500 shares of Netblaster common stock purchased

Question:

At January 1, 2005, Gulfport held one available-for-sale security: 1,500 shares of Netblaster purchased for $40 per share. At December 31, 2005, the market value per share for Netblaster was $36. Prepare the adjusting entry to report the at fair value at December 31, 2005.
Common Stock
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