Plasma Storage Devices buys $10,000 of equity securities, which it classifies as available-for-sale. After one year, the quoted market price of the securities drops the total investment value to $8,000. In the following year, the quoted market price of the securities increases the total investment value to $11,000, and Plasma then sells the equity securities. write down the related entries.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Plasma Storage Devices buys $10,000 of
equity securities, which it classifies as
available-for-sale. After one year, the quoted
market price of the securities drops the
total investment value to $8,000. In the
following year, the quoted market price of
the securities increases the total
investment value to $11,000, and Plasma
then sells the equity securities.
write down the related entries.
Transcribed Image Text:Plasma Storage Devices buys $10,000 of equity securities, which it classifies as available-for-sale. After one year, the quoted market price of the securities drops the total investment value to $8,000. In the following year, the quoted market price of the securities increases the total investment value to $11,000, and Plasma then sells the equity securities. write down the related entries.
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