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Record the adjustment to fair market value on june

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Question - On June 30, a business has the following information regarding its long-term investments that qualify as available for sale securities:

                         Cost                 Market value

ABC Co.           100,000            125,000

XYZ Co.            100,000            90,000

On June 30, the following unadjusted account balances exists:

Fair value adjustment      $5,000 credit

Unrealized loss               $5,000 debit

Please help me create the necessary journal entries to record the adjustment to fair market value on June 30.

Reference no: EM131768484

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