Question

Brief Exercise 16-6

Godfrey Corporation holds, as a long-term investment, available-for-sale securities costing $61,500. At December 31, 2017, the fair value of the securities is $57,350.

Prepare the adjusting entry to record the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No entry” for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

PLEASE ANY OF THESE ACCOUNT NAMES FROM BELOW  TO FILL IN QUESTION

Brief Exercise 16-6

LIST OF ACCOUNT NAMES BELOW

Cash

Debt Investments

Dividend Revenue

Fair Value Adjustment-Available-for-Sale

Fair Value Adjustment-Trading

Gain on Sale of Debt Investments

Gain on Sale of Stock Investments

Interest Receivable

Interest Revenue

Loss on Sale of Debt Investments

Loss on Sale of Stock Investments

No Entry

Revenue from Stock Investments

Short-Term Investments

Stock Investments

Unrealized Gain or Loss-Equity

Unrealized Gain-Income

Unrealized Loss-Income

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

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