On December 31, 1990, DataFile Corporation owned the following short-term investments in marketable equity securities.

DataFile Corporation had no short-term investments prior to 1990. Calculate the lower of cost or market of DataFile Corporation's short-term investments and, if necessary, prepare a general journal entry to record the decline in market value of the investments.

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Market Cost Value Firestone common stock $12,400 $13,700 General Tire common stock.. 16,800 16,100 Texas Instruments common stock 23,200 21,300 First Republic common stock 28,500 28,700