During the current year, Reed Consulting acquired long$-$term available$-$for$-$sale debt securities on July $1$ at a $$90,000$ cost$.$ At its December $31$ year$-$end, these securities had a fair value of $$76,000.$ This is the first and only time the company purchased such securities$.$

Prepare the July $1$ entry to record the purchase of these debt securities$.$

Prepare the year$-$end adjusting entry related to these securities$.$

Journal entry worksheet

$1$

$2$

Record purchase of available$-$for$-$sale securities$.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$July $01,,,],[,,,],[,,,],[,,,]]$