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Problem 3: At 1/01/Yr2, Instrument Company reported the following balances: Account Trading Securities Securities Fair Value Adjustment - Trading Balance $600,000 $20,000 credit Account Available-for-Sale

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Problem 3: At 1/01/Yr2, Instrument Company reported the following balances: Account Trading Securities Securities Fair Value Adjustment - Trading Balance $600,000 $20,000 credit Account Available-for-Sale Securities Securities Fair Value Adjustment - Available for Sale Balance $600,000 $40,000 debit The fair value of the Trading Securities at 12/31/Yr2 was $640,000, and the fair value of the Available-for-Sale Securities was $620,000. Prepare the adjusting journal entries necessary at 12/31/Yr2

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