The following information is available for Lewis Corporation's available-for-sale securities at December 31 2017. $\begin{array}{lll}
\underline{\text { Security } }& \underline{\text { Cost } }& \underline{\text { Fair value }}\
\text {X }& \$ 34,000 & \$ 30,000 \
\text {Y} & \underline{24,000} & \underline{32,000}\
&\underline{\$58,000}&\underline{\$62,000}
\end{array}$ Instructions
Prepare the adjusting entry to record the securities at fair value at December 31 2017.

Question

The following information is available for Lewis Corporation's available-for-sale securities at December 31 2017. $\begin{array}{lll}
 \underline{\text { Security } }& \underline{\text { Cost } }& \underline{\text { Fair value }}\
\text {X }& \$ 34,000 & \$ 30,000 \
\text {Y} & \underline{24,000} & \underline{32,000}\
&\underline{\$58,000}&\underline{\$62,000}
\end{array}$ Instructions
Prepare the adjusting entry to record the securities at fair value at December 31 2017.

Quizplus · Accepted Answer

The Answer of The following information is available for Lewis Corporation's available-for-sale securities at December 31 2017. $\begin{array}{lll}
 \underline{\text { Security } }& \underline{\text { Cost } }& \underline{\text { Fair value }}\
\text {X }& \$ 34,000 & \$ 30,000 \
\text {Y} & \underline{24,000} & \underline{32,000}\
&\underline{\$58,000}&\underline{\$62,000}
\end{array}$ Instructions
Prepare the adjusting entry to record the securities at fair value at December 31 2017.

The Following Information Is Available for Lewis Corporation's Available-For-Sale Securities