Question
The following information pertains to XYZ Corp.s available-for-sale securities: December 31 Year 2 Year 3 Cost $100,000 $100,000 Fair value 90,000 120,000 Differences between cost
The following information pertains to XYZ Corp.s available-for-sale securities: December 31 Year 2 Year 3 Cost $100,000 $100,000 Fair value 90,000 120,000 Differences between cost and fair values are considered to be temporary. The decline in fair value was properly accounted for at December 31, Year 2. What adjusting entry should be recorded for December 31, Year 3?
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
12th edition
1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411
