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Prepare the adjusting entry at december

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Question - At December 31, 2014, the available for sale equity portfolio for xyz corp. is as follows.

Security Cost Fair Value

Stock A 33,600 31,000

Stock B 175,000 174,000

Stock C 59,400 68,500

Total 268,000 273,500

December 31, 2013, securities fair value adjustment balance- Dr. 5,400

On January 20, 2015, xyz sold stock A for 31,100. The sale proceeds are net brokerage fees.

(a) Prepare the adjusting entry at December 31, 2014 to report the portfolio at fair value.

(b) Prepare the journal entry for the 2015 sale of stock A.

Reference no: EM132127562

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