Eaton Company had the following long-term available-for-sale securities in its portfolio at December 31,Year 1.Eaton had several long-term investment transactions during the next year.After analyzing the effects of each transaction,(1)determine the amount Eaton should report on its December 31,Year 1 balance sheet for its long-term investments in available-for-sale securities,(2)determine the amount Eaton should report on its December 31,Year 2 balance sheet for its long-term investments in available-for-sale securities,(3)prepare the necessary adjusting entry to record the fair value adjustment at December 31,Year 2.
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Year 1: $1,307,300 - $1,284,000 = $23...View Answer
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