Question
At December 31, the Long-Term Investments (Available-for-sale securities or AFS) had a fair value of $180,190. The AFS Investment was originally purchased on May 1,
At December 31, the Long-Term Investments (Available-for-sale securities or AFS) had a fair value of $180,190. The AFS Investment was originally purchased on May 1, 2017 for $160,500. CMC uses a Fair Value Adjustment account (an adjunct/contra account to the Investments) to mark-to-market the investment portfolio at year end. CMCs tax rate is 21%.
What is the Adjusting Journal Entry for this?
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Information Technology Auditing
Authors: James A. Hall
4th edition
1133949886, 978-1305445154, 1305445155, 978-1133949886
