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Prepare any necessary journal entries to record adjustmet

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Question - On June 30, a business has the following information regarding its long-term investments that qualify as available for sale securities:

Cost

Market Value

 

ABC Co.

100,000

125,000

XYZ Co.

100,000

90,000

On June 30, the following unadjusted account balances exists:

Fair value adjustment - $5,000 credit

Unrealized loss - $5,000 debit

Required - Prepare any necessary journal entries to record the adjustment to fair market value on June 30.

Reference no: EM131594984

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