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Glanville Company had the following trading securities in its portfolio at December 31. The Fair Value Adjustment-Trading account had a balance of zero prior to any year-end adjustment. Prepare the appropriate adjusting journal entry for this portfolio. Short-Term Debt Investments Cost XBM $24,500 Fair Value $ 25,900 Micro 51,000 48,600 Outel 62,300 61,000 Dull 29,900 30,200 Totals $167,700 $165,700

Glanville Company had the following trading securities in its portfolio at December 31. The Fair Value Adjustment-Trading account had a balance of zero prior to any year-end adjustment. Prepare the appropriate adjusting journal entry for this portfolio. Short-Term Debt Investments Cost XBM $24,500 Fair Value $ 25,900 Micro 51,000 48,600 Outel 62,300 61,000 Dull 29,900 30,200 Totals $167,700 $165,700

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Glanville Company had the following trading securities in its portfolio at December 31. The Fair Value Adjustment-Trading account had a balance of zero prior to any year-end adjustment. Prepare the appropriate adjusting journal entry for this portfolio. Short-Term Debt Investments Cost XBM $24,500 Fair Value $ 25,900 Micro 51,000 48,600 Outel 62,300 61,000 Dull 29,900 30,200 Totals $167,700 $165,700
Transcribed Image Text:Glanville Company had the following trading securities in its portfolio at December 31. The Fair Value Adjustment-Trading account had a balance of zero prior to any year-end adjustment. Prepare the appropriate adjusting journal entry for this portfolio. Short-Term Debt Investments Cost XBM $24,500 Fair Value $ 25,900 Micro 51,000 48,600 Outel 62,300 61,000 Dull 29,900 30,200 Totals $167,700 $165,700
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