Question

ABC Corporation is trading securities portfolio consisted of the following common stocks.                            &

  1. ABC Corporation is trading securities portfolio consisted of the following common stocks.

                                                Cost             Fair Value

Bud Corporation                     $ 46,500         $ 50,000

Heinken Inc.                                60,000             58,000

Corona Corporation                    80,000             76,400

Instructions: Record any necessary journal entries assuming the fair value account had a credit balance of $5,000 prior to this entry.

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