Question
exercise 15-9 Fair value adjustment to available-for-sale securities LO P3 Prescrip Co. began operations in 2016. The cost and fair values for its long-term investments
exercise 15-9 Fair value adjustment to available-for-sale securities LO P3
Prescrip Co. began operations in 2016. The cost and fair values for its long-term investments portfolio in available-for-sale securities are shown below. Prepare the December 31, 2017, adjusting entry to reflect any necessary fair value adjustment for these investments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
| Portfolio of Available-for-Sale Securities | Cost | Fair Value | ||||
| December 31, 2016 | $ | 66,974 | $ | 60,946 | ||
| December 31, 2017 | 72,611 | 76,968 | ||||
|
Record the December 31, 2017 year-end adjusting entry for the securities portfolio, if any. | ||||||
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