Essay
At December 31 2017 the trading securities portfolio held by the Darren Corporation consisted of the following investments:
1. 2000 shares of Temper common stock purchased for $42 per share.
2. 1500 shares of Logan common stock purchased for $50 per share.
At December 31 2017 the fair values per share were Temper $38 and Logan $54.
Instructions
(a) Prepare a schedule showing the cost and fair value of the portfolio at December 31 2017.
(b) Prepare the adjusting entry to report the portfolio at fair value at December 31 2017.
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