On December 31, 20x1, the market value of Cedar Deck Company's portfolio of long- term available-for-sale securities

Question:

On December 31, 20x1, the market value of Cedar Deck Company's portfolio of long- term available-for-sale securities was $320,000. The cost of these securities was $285,000. Prepare the entry to adjust the portfolio to market at year end, assuming that the company did not have any long-term investments prior to 20x1.  LO1

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting

ISBN: 9780618310746

8th Edition

Authors: Belverd E. Needles Jr,, Marian Powers

Question Posted: