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Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $ 13,500 22,000 5,500 Fair Value $ 10,125 23,100 4,400 Prepare the journal entry to record the December 31 year-end fair value adjustment for these debt securities.

Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $ 13,500 22,000 5,500 Fair Value $ 10,125 23,100 4,400 Prepare the journal entry to record the December 31 year-end fair value adjustment for these debt securities.

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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Saved Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $ 13,500 22,000 5,500 Fair Value $ 10,125 23,100 4,400 Prepare the journal entry to record the December 31 year-end fair value adjustment for these debt securities. View transaction list Journal entry worksheet < 1 Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date December 31 General Journal Debit Credit
Transcribed Image Text:Saved Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $ 13,500 22,000 5,500 Fair Value $ 10,125 23,100 4,400 Prepare the journal entry to record the December 31 year-end fair value adjustment for these debt securities. View transaction list Journal entry worksheet < 1 Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date December 31 General Journal Debit Credit
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