Preparing adjusting entries to record investments, Accounting Basics

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Preparing adjusting entries to record investments

Response to the following problem:

Berroa Co. began operations in 2010. The cost and fair values for its long-term investments portfolio in available-for-sale securities are shown below. Prepare Berroa's December 31, 2011, adjusting entry to reflect any necessary fair value adjustment for these investments.

Cost Fair Value

December 31, 2010 . . . . . . . . . $79,483 $72,556

December 31, 2011 . . . . . . . . . 85,120 90,271

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Accounting Basics: Preparing adjusting entries to record investments

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Accounting Basics: Preparing adjusting entries to record investments

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