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At December 31, 2002, the trading securities for Yanu, Inc. are as follows:
Security Cost Fair Value
A 17500 16000
B 12500 14000
C 23000 19000
$53,000 $49,000
Instructions:
a) Prepare the adjusting entry at December 31, 2002, to report the securities at fair value.
b) Show the balance sheet and income statement presentation at December 31, 2002, after adjustment to fair value.
Olsen Company uses the periodic inventory method and had the following inventory information available for the month of November.
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