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Prepare the adjusting entry at december to report portfolio

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Reference no: EM131592614

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

Security

Cost

Fair Value

Unrealized
Gain (Loss)

A

$32,375

$27,750

$(4,625)

B

23,125

25,900

2,775

C

42,550

47,175

4,625

Total

$98,050

$100,825

2,775

Previous fair value adjustment balance-Dr.

740

Fair value adjustment-Dr.

$2,035

On January 20, 2018, Marin, Inc. sold security A for $27,935. The sale proceeds are net of brokerage fees.

Required -

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

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

Reference no: EM131592614

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