Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter D, Problem D.10EX
Fair value
Jets Bancorp Inc. purchased a portfolio of trading securities during 20Y3.The cost and fair value of this portfolio on December 31, 20Y3, was as follows:
| Name | Number of Shares | Total Cost | Total Fair Value |
| Dolphins Inc. | 1,400 | $28,000 | $30,800 |
| Marino Company | 1,200 | 30,000 | 27,600 |
| Namath Company | 800 | 28,000 | 26,400 |
| Total | $86,000 | $84,800 |
Journalize the entry to record the adjustment of the trading security portfolio to fair value on December 31, 20Y3.
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