Current Attempt in Progress In its first year of operations, Carla Vista Corporation purchased available-for-sale debt securities costing $64,000 as a long-term investment. At December 31, 2027, the fair value of the securities is $59,600. Prepare the adjusting entry to record the securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Dec. 31 Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Current Attempt in Progress
In its first year of operations, Carla Vista Corporation purchased available-for-sale debt securities costing $64,000 as a long-term
investment. At December 31, 2027, the fair value of the securities is $59,600.
Prepare the adjusting entry to record the securities at fair value. (List all debit entries before credit entries. Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter
O for the amounts.)
Date
Dec. 31
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Current Attempt in Progress In its first year of operations, Carla Vista Corporation purchased available-for-sale debt securities costing $64,000 as a long-term investment. At December 31, 2027, the fair value of the securities is $59,600. Prepare the adjusting entry to record the securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Dec. 31 Account Titles and Explanation Debit Credit
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