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Question - At December 31, 2020, the available-for-sale debt portfolio for Pearl, Inc. is as follows.
Security
Cost
Fair Value
Unrealized Gain (Loss)
A
$20,125
$17,250
$(2,875)
B
14,375
16,100
1,725
C
26,450
29,325
2,875
Total
$60,950
$62,675
Previous fair value adjustment balance-Dr.
460
Fair value adjustment-Dr.
$1,265
On January 20, 2021, Pearl, Inc. sold security A for $17,365. The sale proceeds are net of brokerage fees.
Required -
(a) Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value.
(b) Show the balance sheet presentation of the investment-related accounts at December 31, 2020.
(c) Prepare the journal entry for the 2021 sale of security A.
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