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On january 20 2014 steffi graf inc sold security a for

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Reference no: EM13570827

At December 31, 2013, the available-for-sale equity portfolio for Steffi Graf, Inc. is as follows.

Security

Cost

Fair Value

Unrealized
Gain (Loss)
A
$23,275
$19,950
$(3,325 )
B
16,625
18,620
1,995
C
30,590
33,915
3,325
Total
$70,490
$72,485
1,995
Previous fair value adjustment balance-Dr.
266
Fair value adjustment-Dr.
$1,729

On January 20, 2014, Steffi Graf, Inc. sold security A for $20,349. The sale proceeds are net of brokerage fees

A) Prepare the adjusting entry at December 31, 2013, to report the portfolio at fair value

B) Show the balance sheet presentation of the investment-related accounts at December 31, 2013

C) Prepare the journal entry for the 2014 sale of security A

Reference no: EM13570827

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