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please help explain this. Ch 12 In-Class Exercise #2: Trading security At the end of 2024, Ajax Incorporated holds the following securities: - The Market
please help explain this. 
Ch 12 In-Class Exercise #2: Trading security At the end of 2024, Ajax Incorporated holds the following securities: - The Market Adjustment-Trading Securities account has a pre-adjusted credit balance of $400. - On February 1, 2025, Ajax sold all of its holdings of Bond A for the market price of $26,000. Required: - Prepare journal entries to adjust the Trading security portfolios to fair value on December 31, 2024 - Prepare the journal entry to record the sale of Bond A Step by Step Solution
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
1118334329, 978-1118334324
