Detalo co. held bonds of schooner corp with a cost of, Ask an Expert

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Detalo co. held bonds of Schooner Corp with a cost of $125,000 and a market value of $127,000. Detalo also held 1,500 shares of Tranco common stock witha cost of $25,000 and a market value of $24,700. These are classified as long-term available-for-sale securities. Prepare the journal entry to record the market value of the investment as of Dec 31.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M956168

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