The fair values of the investments on December 31, 2017, were: What entry, if an
ID: 2512792 • Letter: T
Question
The fair values of the investments on December 31, 2017, were:
What entry, if any, would you recommend be made? (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
(Entry for debt investment)
Sharapova Company common stock $32,100 U.S. government bonds 128,100 McGrath Company bonds 53,600Explanation / Answer
There is no entry is made for the this adjustment. Entry should be always made for difference between fair value of the last year and fair value of the current year or Purhcae value and market value at the end of the year.
So in the given situation "No Entry" is recommended .
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