How accounts will be presented in the financial statements

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Problem 1: The following shares were in G's portfolio of long-term available-for-sale securities at December 31, 2017. Cost 2,500 shares of Whale Corporation common stock $75,000 2,000 shares of Churchill Corporation common stock 53,000 At December 31, 2018, the fair value of Whale stock was $34 per share and Churchill stock was $23 per share. Prepare the adjusting entry at December 31, 2018 to report the portfolio at fair value. Describe how accounts will be presented in the financial statements.

Reference no: EM132621380

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