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Unformatted text preview: Description/Account (c) Prepare the adjusting journal entry needed on December 31, 2013. Description/Account Solution E17-7 Description/Account Debit Credit (a) Unrealized Holding Gain or Loss—Income 1,400 Fair Value Adjustment (Trading) 1,400 (b) Cash 9,500 Loss on Sale of Securities 500 Trading Securities 10,000 (c) Fair Value Adjustment (Trading) 1,200 Fair Value Adjustment (Trading) 1,200 December 31, 2013 Securities Cost Fair Value Unrealized Gain (Loss) Stargate Corp. stock $20,000 $19,300 $(700) Vectorman Co. stock 20,000 20,500 500 Total Portfolio $40,000 $39,800 (200) Previous securities fair value adjustment balance—Cr. ($1,400) Fair Value Adjustment (Trading)—Dr. $1,200...
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This note was uploaded on 03/21/2012 for the course ACC 102 taught by Professor Benz during the Spring '12 term at CUNY Baruch.
- Spring '12