Journalizing Adjusting Entries
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At December 31, 2002, the trading securities for Yanu, Inc. are as follows.
Security Cost Fair Value
A $17,500 $16,000
B 12,500 14,000
C 23,000 19,000
$53,000 $49,000
Instructions
(a) Prepare the adjusting entry at December 31, 2002, to report the securities at fair value.
(b) Show the balance sheet and income statement presentation at December 31, 2002, after adjustment to fair value.
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Solution Summary
The solution is in an excel file that shows the preparation of Adjusting Entries as well as Income Statement and balance sheet presentations of the adjustments
Education
- BA, Ain Shams University, Cairo Egypt
- MBA, California State University, Sacramento
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