Cost is 17000 and fair value is 16000 security b cost is, Ask an Expert

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Otto Corporation has the following trading portfolio of stock investments on December 31, 2009. Security A; Cost is $17,000 and Fair Value is $16,000; Security B; Cost is $22,000 and Fair Value is $26,000; Security C; Cost is $34,000 and Fair Value is $29,000.Instructions: prepare the adjusting entry for Otto Corporation on December 31, 2009 to report the portfolio at fair value.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9434707

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