Allowance for Available-for-Sale Securities McCarthy Corporation’s allowance to reduce available-for-sale securities to market has a S7,200 credit balance on December 31, 2019. The market value of the available-for-sale portfolio at December 31, 2019, and December 31, 2020, are $120,000 and SI 17,000, respectively. Required: Prepare the adjusting entry, if any, to adjust the allowance at year end.
Cornerstones of Financial Accounti...
Cornerstones of Financial Accounti...
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Allowance for Available-for-Sale Securities
McCarthy Corporation’s allowance to reduce available-for-sale securities to market has a S7,200 credit balance on December 31, 2019. The market value of the available-for-sale portfolio at December 31, 2019, and December 31, 2020, are $120,000 and SI 17,000, respectively.
Required:
Prepare the adjusting entry, if any, to adjust the allowance at year end.
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