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Record the adjustment to fair market value on June

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

Reference no: EM132530753

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