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Prepare journal entries to record fair value adjustment

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Question: Kitty Company began operations in 2014 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Trading Securities Cost Fair Value December 31, 2014 $ 37 $ 35 December 31, 2015 42 46 December 31, 2016 60 69 December 31, 2017 56 55. Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities.

Reference no: EM131749021

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