At December 31, 2023, the trading securities for storrer; Inc. are as follows.
| Security | Cost | Fair-value |
| A B C | $17,500 12,500 23,000 $53,000 | $10,000 14,000 21,000 $51,000 |
Instructions
- Prepare the adjusting entry at December 31, 2023, to report the securities at fair value.
- Show the balance sheet and income statement presentation at December 31, 2023 after adjustment to fair value
Solution
