At december 31 2013 the available-for-sale equity portfolio, Ask an Expert

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At December 31, 2013, the available-for-sale equity portfolio for Steffi Graf, Inc. is as follows.

Security	Cost	Fair Value	Unrealized Gain (Loss)
A	$23,275	$19,950	$(3,325	)
B	16,625	18,620	1,995
C	30,590	33,915	3,325
Total	$70,490	$72,485	1,995
Previous fair value adjustment balance-Dr.			266
Fair value adjustment-Dr.			$1,729

On January 20, 2014, Steffi Graf, Inc. sold security A for $20,349. The sale proceeds are net of brokerage fees

A) Prepare the adjusting entry at December 31, 2013, to report the portfolio at fair value

B) Show the balance sheet presentation of the investment-related accounts at December 31, 2013

C) Prepare the journal entry for the 2014 sale of security A

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9948404

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