On December 31, 2017, short-term equity securities with an original cost of $10,000 have a carrying value on the balance sheet equal to their market value of $12,000. On January 11, 2018, those securities are sold for $15,000. Prepare the appropriate entry to record the sale of the securities.

Question

Quizplus · Accepted Answer

The Answer of On December 31, 2017, short-term equity securities with an original cost of $10,000 have a carrying value on the balance sheet equal to their market value of $12,000. On January 11, 2018, those securities are sold for $15,000. Prepare the appropriate entry to record the sale of the securities.

On December 31, 2017, Short-Term Equity Securities with an Original