=+EX 15-17 Missing statement items, available-forsale securities obj. 4

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f. ($6,000)

The investments of Charter Inc. include 10,000 shares of Wallace Inc. common stock purchased on January 10, 2010, for $30 per share. These shares were classified as available-forsale securities. As of the December 31, 2010, balance sheet date, assume that the share price declined to $23 per share. As of the December 31, 2011, balance sheet date, assume that the share price rose to $27 per share. The investment was held through December 31, 2011.

a. Journalize the entries to record the adjustment of the Wallace Inc. investment to fair value on December 31, 2010, and December 31, 2011.