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Prepare the adjusting entry at december

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Problem - At December 31, 2017, the available-for-sale debt portfolio for Metlock, Inc. is as follows.

Security

Cost

Fair Value

Unrealized
Gain (Loss)

A

$30,625

$26,250

$(4,375)

B

21,875

24,500

2,625

C

40,250

44,625

4,375

Total

$92,750

$95,375

2,625

Previous fair value adjustment balance-Dr.

700

Fair value adjustment-Dr.

$1,925

On January 20, 2018, Metlock, Inc. sold security A for $26,425. The sale proceeds are net of brokerage fees.

Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair value.

Show the balance sheet presentation of the investment-related accounts at December 31, 2017.

Reference no: EM131751447

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