At December 31, 1998, the trading securities for Nielson, Inc., are as follows:

\section*{Instructions}

(a) Prepare the adjusting entry at December 31, 1998, to report the securities at fair value.

(b) Show the balance sheet and income statement presentation at December 31, 1998, after adjustment to fair value.

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Security Cost Fair Value AB $17,500 $15,000 12,500 14,000 C 23,000 21,000 Total $53,000 $50,000