Provide correct answer this financial accounting question On December 31, 2023, the trading securities for Harper Inc. are as follows:Security CostMNOFair Value$150,000 $155,000QRS $175,000 $172,000Total $325,000 $327,000Prepare the adjusting journal entry on December 31, 2023, to report thesecurities at fair value.

Step 1: Define Adjusting Journal Entry for Trading SecuritiesTrading securities are reported at fair…

Answered: On December 31, 2023, the trading…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 9E

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On December 31, 2023, the trading securities for Harper Inc. are as follows: Security Cost MNO Fair Value $150,000 $155,000 QRS $175,000 $172,000 Total $325,000 $327,000 Prepare the adjusting journal entry on December 31, 2023, to report the securities at fair value.