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Required information Skip to question [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term
Required information
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[The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow.
Portfolio of Trading Securities | Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||||
Tesla Bonds | $ | 13,800 | $ | 10,350 | |||||||||||||||||||||||||||||||||||||||
Nike Bonds | 22,400 | 23,520 | |||||||||||||||||||||||||||||||||||||||||
Ford Bonds | 5,600 | 4,480 | |||||||||||||||||||||||||||||||||||||||||
Prepare journal entry to record the December 31 year-end fair value adjustment for the debt securities.
Journal entry worksheet
Note: Enter debits before credits.
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