2. Calculate the market value of Williamss short-term investment portfolio at December 31.

Market value of portfolio on December 31:
200 Southwestern shares	$fill in the blank f93f2df8403dfe9_1
500 Montgomery shares	fill in the blank f93f2df8403dfe9_2
Portfolio market value	$fill in the blank f93f2df8403dfe9_3

Question Content Area

3. Prepare the necessary adjusting entry at December 31. If an amount box does not require an entry, leave it blank.

Dec. 31	Allowance to Adjust Equity Securities to MarketGoodwillInvestment in Equity SecuritiesInvestment IncomeUnrealized Gain (Loss) on Equity Securities
	Allowance to Adjust Equity Securities to MarketGoodwillInvestment in Equity SecuritiesInvestment IncomeUnrealized Gain (Loss) on Equity Securities

Question Content Area

4. How would these securities be disclosed on the December 31 balance sheet? Assume that Williams expects to sell the investment in the next year.

Current assets:
Investments:
Allowance to adjust trading securities to marketAvailable-for-sale securities, at costEquity securities, at fair valueEquity securities, at marketUnrealized gain (loss) on equity securities	$- Select -

Check My Work: $- Select -