At January 1, 2010, Gulfport Corporation held one available-for-sale security: 1,500 shares of Netblaster common stock purchased for $40 per share. At December 31, 2010, the market value per share for Netblaster was $42. Prepare the adjusting entry to report the portfolio at fair value at December 31, 2010.

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The Answer of At January 1, 2010, Gulfport Corporation held one available-for-sale security: 1,500 shares of Netblaster common stock purchased for $40 per share. At December 31, 2010, the market value per share for Netblaster was $42. Prepare the adjusting entry to report the portfolio at fair value at December 31, 2010.

At January 1, 2010, Gulfport Corporation Held One Available-For-Sale Security