a. Provide the journal entry to adjust the trading security portfolio to fair value on December 31, 2016. b. Assume the market prices of the portfolio were the same on December 31, 2017, as they were on December 31, 2016. What would be the journal entry to adjust the portfolio to fair value?

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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a. Provide the journal entry to adjust the trading security portfolio to fair value on
December 31, 2016.
b. Assume the market prices of the portfolio were the same on December 31, 2017,
as they were on December 31, 2016. What would be the journal entry to adjust the
portfolio to fair value?
Transcribed Image Text:a. Provide the journal entry to adjust the trading security portfolio to fair value on December 31, 2016. b. Assume the market prices of the portfolio were the same on December 31, 2017, as they were on December 31, 2016. What would be the journal entry to adjust the portfolio to fair value?
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