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Question - Make an Adjusting Journal Entries.

At December 31, the Long-Term Investments (Available-for-sale securities or "AFS") had a fair value of $180,190. The AFS Investment was originally purchased on May 1, 2017 for $160,500. CMC uses a "Fair Value Adjustment" account (an adjunct/contra account to the Investments) to mark-to-market the investment portfolio at year end. CMC's tax rate is 21%.

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