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The Fair-Value Adjustment account has a beginning balance of 30,000 credit. If you have a trading...

  1. The Fair-Value Adjustment account has a beginning balance of 30,000 credit.
    1. If you have a trading security that started the year with a fair value of 130,000 and ended the year with a fair value of 70,000 what is the required journal entry?
    2. What if the ending balance of the trading security was 200,000?

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