Asked Dec 20, 2019

On January 1, Valuation Allowance for Available-for-Sale Investments had a zero balance. On December 31, the cost of the available-for-sale securities was $60,250, and the fair value was $57,500. Prepare the adjusting entry to record the unrealized gain or loss on available-for-sale investments on December 31.


Expert Answer

Step 1

Available-for-sale securities: These are short-term or long-term investments in debt and equity securities with an intention of...

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