Valuing available-for-sale securities at fair valueInstructionsJournalOrInstructions Chart of Accounts JournalPriOrva Prepare the adjusting entry to record the unrealized gain or loss on available-for-sale investments on December 31. Refer to the Charnuth123DATEDESCRIPTIONAdjusting EntriesXJOURNALPOST. REF.DEBITCREDIT InstructionsOn January 1, Valuation Allowance for Available for Sale investments had a zero balanceOn December 21, the cost of the available for sale securities was $78,400, and the fairvalue was $72,290Prepare the adjusting entry to record the unrealized gain or loss on available-for-saleinvestments on December 31. Refer to the Chart of Accounts for exact wording of accounttities.

The unrealized loss available for sale = $6110 ( $78400 - $72290 )

Instructions On January 1, Valuation Allowance for Available for Sale Investments had a zero balance On December 21, the cost of the available for sale securities was $78,400, and the fair value was $72,290 Prepare the adjusting entry to record the unrealized gain or loss on available-for-sale investments on December 31. Refer to the Chart of Accounts for exact wording of account titles

Instructions On January 1, Valuation Allowance for Available for Sale Investments had a zero balance On December 21, the cost of the available for sale securities was $78,400, and the fair value was $72,290 Prepare the adjusting entry to record the unrealized gain or loss on available-for-sale investments on December 31. Refer to the Chart of Accounts for exact wording of account titles

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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