At December 31, 2010, the available-for-sale securities for Milner, Inc. are as follows.
Instructions
(a) Prepare the adjusting entry at December 31, 2010, to report the securities at fair value.
(b) Show the balance sheet and income statement presentation at December 31, 2010, after adjustment to fair value. The securities are considered to be a long-term investment.

Question

At December 31, 2010, the available-for-sale securities for Milner, Inc. are as follows.  
Instructions
(a) Prepare the adjusting entry at December 31, 2010, to report the securities at fair value.
(b) Show the balance sheet and income statement presentation at December 31, 2010, after adjustment to fair value. The securities are considered to be a long-term investment.

Quizplus · Accepted Answer

The Answer of At December 31, 2010, the available-for-sale securities for Milner, Inc. are as follows.  
Instructions
(a) Prepare the adjusting entry at December 31, 2010, to report the securities at fair value.
(b) Show the balance sheet and income statement presentation at December 31, 2010, after adjustment to fair value. The securities are considered to be a long-term investment.

At December 31, 2010, the Available-For-Sale Securities for Milner, Inc