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Prepare the adjusting entry at December

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Question - At December 31, 2020, the trading securities for Cullumber, Inc. are as follows.

Security

Cost

Fair Value

A

$17,900

$15,600

B

12,600

14,300

C

23,100

18,900

 

$53,600

$48,800

Required -

a. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value.

b. Show the balance sheet and income statement presentation at December 31, 2020, after adjustment to fair value.

Reference no: EM132479568

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