Question
Kitty Company began operations in 2014 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments
Kitty Company began operations in 2014 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow.
Portfolio of Trading Securities
| Cost | Fair Value | |||||
| December 31, 2014 | $ | 67 | $ | 50 | ||
| December 31, 2015 | 57 | 76 | ||||
| December 31, 2016 | 75 | 99 | ||||
| December 31, 2017 | 86 | 70 | ||||
|
| ||||||
Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities.
1.
Record fair value of securities.
2.
Record fair value of securities.
3.
Record fair value of securities.
4.
Record fair value of securities.
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Not For Profit Entities Audit And Accounting Guide
Authors: AICPA
1st Edition
1937351971, 978-1937351977
