Solution-At january 1 2012 there was a credit balance of

At january 1 2012 there was a credit balance of 900 in the

Reference no: EM13483995

At December 31, 2012, the fair value of available for- sale securities is $41,300 and the cost is $39,800. At January 1, 2012, there was a credit balance of $900 in the Market Adjustment-Available for- Sale account. The required adjusting entry would be:

(a) Debit Market Adjustment-Available-for-Sale for $1,500, and credit Unrealized Gain or Loss- Equity for $1,500.

(b) Debit Market Adjustment-Available-for-Sale for $600, and credit Unrealized Gain or Loss-Equity for $600.

(d) Debit Unrealized Gain or Loss-Equity for $2,400, and credit Market Adjustment-Availablefor- Sale for $2,400.

Reference no: EM13483995

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At january 1 2012 there was a credit balance of 900 in the

Reference no: EM13483995

Reference no: EM13483995

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