Required Information [The following information applies to the questions displayed below.] 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. Portfolio of Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $15,900 25,200 6,300 Fair Value $11,925 26,460 5,040 repare journal entry to record the December 31 year-end fair value adjustment for the 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 Dec. 31 General Journal Debit Credit Record entry Clear entry View general journal
Required Information [The following information applies to the questions displayed below.] 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. Portfolio of Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $15,900 25,200 6,300 Fair Value $11,925 26,460 5,040 repare journal entry to record the December 31 year-end fair value adjustment for the 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 Dec. 31 General Journal Debit Credit Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Urmilaben
![Required Information
[The following information applies to the questions displayed below.]
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.
Portfolio of Trading Securities
Tesla Bonds
Nike Bonds
Ford Bonds
Cost
$15,900
25,200
Fair Value
$11,925
26,460
6,300
5,040
Prepare journal entry to record the December 31 year-end fair value adjustment for the 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
Dec. 31
General Journal
Debit
Credit
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F943a2c80-f2eb-403c-b058-3f291f5ebf88%2F059741b6-f40e-4bf8-a63d-32d182081544%2Fxonlate_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
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.
Portfolio of Trading Securities
Tesla Bonds
Nike Bonds
Ford Bonds
Cost
$15,900
25,200
Fair Value
$11,925
26,460
6,300
5,040
Prepare journal entry to record the December 31 year-end fair value adjustment for the 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
Dec. 31
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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