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, 2022, 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 Account Titles and Explanation Dec. 31 Debit Credit

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, 2022, 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 Account Titles and Explanation Dec. 31 Debit Credit

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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