At december 31 2014 the trading securities for oglesbee inc

Reference no: EM13612996

At December 31, 2014, the trading securities for Oglesbee, Inc. are as follows. Security Cost Fair Value A $17,600 $16,400 B 12,300 14,400 C 23,000 18,800 Total $52,900 $49,600

(a) Prepare the adjusting entry at December 31, 2014, to report the securities at fair value.

(b) Show the balance sheet and income statement presentation at December 31, 2014, after adjustment to fair value.

Reference no: EM13612996

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