[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. Trading Securities Tesla Bonds Nike Bonds Cost $ 15,600 24,800 6,200 Fair Value $ 11,700 26,040 4,960 Ford Bonds 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 General Journal Debit Credit December 31
[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. Trading Securities Tesla Bonds Nike Bonds Cost $ 15,600 24,800 6,200 Fair Value $ 11,700 26,040 4,960 Ford Bonds 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 General Journal Debit Credit December 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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.
Trading Securities
Tesla Bonds
Nike Bonds
Cost
Fair Value
$ 15,600
24,800
6,200
$ 11,700
26,040
4,960
Ford Bonds
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
General Journal
Debit
Credit
December 31
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb034729f-db63-4235-9b33-79c3c77be50a%2Fa5447f21-161a-4c1a-80eb-2d9cd780a000%2Flrsba5j_processed.png&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.
Trading Securities
Tesla Bonds
Nike Bonds
Cost
Fair Value
$ 15,600
24,800
6,200
$ 11,700
26,040
4,960
Ford Bonds
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
General Journal
Debit
Credit
December 31
Record entry
Clear entry
View general journal
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