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At December 31, 2012, the available-for-sale equity portfolio for Wenger, Inc. is as follows.
Security
Cost
Fair Value
Unrealized Gain (Loss)
A
$17,500
$15,000
($2,500)
B
12,500
14,000
1,500
C
23,000
25,500
2,500
Total
$53,000
$54,500
Previous fair value adjustment balance-Dr.
200
Fair value adjustment-Dr.
$1,300
On January 20, 2013, Wenger, Inc. sold security A for $15,300. The sale proceeds are net of brokerage fees.
Instructions
(a) Prepare the adjusting entry at December 31, 2012, to report the portfolio at fair value.
(b) Show the balance sheet presentation of the investment related accounts at December 31, 2012.
(c) Prepare the journal entry for the 2013 sale of security A.
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