Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith Corporation bonds has a market value of $12,500. Prepare the year-end journal entry to record the unrealized gain or loss.
Record the journal entry for the unrealized gain or loss.
Investment: It refers to the process of using the currently held excess cash to earn profitable returns in future. The investments can be made in equity securities such as shares or debt securities such as bonds.
Record the journal entry for the unrealized gain or loss.
Date | Account Title and Explanation | Debit  ($) | Credit ($) |
Allowance for changes in fair value of the investment |
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