(Answered) Question - on june 30 a business has the following

Accounting

Question - On June 30, a business has the following information regarding its long-term investments that qualify as available for sale securities:

Cost	Market Value
ABC Co.	100,000	125,000
XYZ Co.	100,000	90,000

On June 30, the following unadjusted account balances exists:

Fair value adjustment - $5,000 credit

Unrealized loss - $5,000 debit

Required - Prepare any necessary journal entries to record the adjustment to fair market value on June 30.

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