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On January 1,2016 Valuation Allowance for available for sale investments had a z

ID: 2533442 • Letter: O

Question

On January 1,2016 Valuation Allowance for available for sale investments had a zero balance. On December 31,2016 the cost of the available for sale securities was $78,400 and the fair value was $72,330. Prepare the adjusted entry to record the unrealized gain or loss on available for sale investments on December 31,2016 be sure to add dates On January 1,2016 Valuation Allowance for available for sale investments had a zero balance. On December 31,2016 the cost of the available for sale securities was $78,400 and the fair value was $72,330. Prepare the adjusted entry to record the unrealized gain or loss on available for sale investments on December 31,2016 be sure to add dates Prepare the adjusted entry to record the unrealized gain or loss on available for sale investments on December 31,2016 be sure to add dates

Explanation / Answer

31-Dec Allowance for available for sale investments ($78,400-$72,330) $ 6,070 Available for sale securities $ 6,070 (To record unrealized gain)

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