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12-9 Securities available-for-sale; adjusting entries .LO12-4 Loreal-American Corporation purchased several marketable securities during 2018. At December 31, 2018 company had the investments in bonds listed
12-9 Securities available-for-sale; adjusting entries .LO12-4 Loreal-American Corporation purchased several marketable securities during 2018. At December 31, 2018 company had the investments in bonds listed below. None was held at the last reporting date, December 31. and all are considered securities available-for-sale. Unrealized Holding Cost Fair Value Gain (Loss) Short term: Blair, Inc. $ 480,000 $ 405,000 $(75,000) ANC Corporation 450,000 480,000 30,000 Totals $ 930,000 $ 885,000 $(45,000) Long term: Drake Corporation $ 480,000 $ 560,000 $ 80,000 Aaron Industries 720,000 660,000 (60,000) Totals $1,200,000 $1,220,000 $ 20,000 Required: 1. Prepare appropriate adjusting entries at December 31, 2018 2. What amounts would be reported in the income statement at December 31, 2018, as a no entries? E 12-10
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