Satchel Corporation purchases equity securities costing $73,000 and classifies them as available-for-sale securities. At December 31, the fair value o
Satchel Corporation purchases equity securities costing $73,000 and classifies them as available-for-sale securities. At December 31, the fair value of the portfolio is $65,000.
\r\nInstructions
\r\nPrepare the adjusting entry to report the securities properly. Indicate the statement presentation of the accounts in your entry.