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Skyline, Inc. purchased a portfolio of trading securities during 2012. The cost and fair value of this portfolio on December 31, 2012, was as follows:

name #of shares total cost total fair value
alcon,inc 1200 16000 15000
Easton company 700 23000 21500
panther company 300 9000 9200
total 48000 45700

Provide the journal entry to record the adjustment of the trading security portfolio to fair value on December 31, 2012.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945992

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