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Summit Financial buys and sells securities that it classifies as available-for-sale. On December 28, Summit purchased Microsoft common shares for $469,000. On December 31, the
Summit Financial buys and sells securities that it classifies as available-for-sale. On December 28, Summit purchased Microsoft common shares for $469,000. On December 31, the shares had a fair value of $467,000. Record the initial investment by Summit and, if appropriate, an adjustment to record the investment at fair value. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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