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On December 31, 2017 Estes Co. reported on its Balance Sheet an investment in trading securities, which had cost $500,000, at fair value of
On December 31, 2017 Estes Co. reported on its Balance Sheet an investment in trading securities, which had cost $500,000, at fair value of $475,000. The following year on December 31, 2018, the fair value of the securities was $492,500. The balance in the fair value adjustment account before any adjustments is a $10,000 credit balance. Prepare the journal entry to record the 12/31/18 fair value adjustment if any:
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Financial and Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
12th edition
978-1133952428, 1285078578, 1133952429, 978-1285078571
