During the current year patton consulting group aquired

Reference no: EM13601080

During the current year, Patton Consulting Group aquired long-term available-for-sale securities at a $35,000 cost. At its Dec 31 year-end, these securities had a fair value of $29,000. This is the first and only time the companypurchased such securities.

(1) prepare the year-end adjusting entry related to these securities

(2) Explain how each account is used in part 1 is reported in the financial statements.

Reference no: EM13601080

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