At December 31,Blistex held Chapped Lips Corp bonds with a cost of $150,000 and a fair value of $150,000.As well,they held 1,500 Dry Co.common shares with a cost of $150,000 and a fair value of $142,955.Both of these investments were classified as short-term investments.Prepare the journal entry to record the adjustment required to reflect the fair value of the investments as of December 31.

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The Answer of At December 31,Blistex held Chapped Lips Corp bonds with a cost of $150,000 and a fair value of $150,000.As well,they held 1,500 Dry Co.common shares with a cost of $150,000 and a fair value of $142,955.Both of these investments were classified as short-term investments.Prepare the journal entry to record the adjustment required to reflect the fair value of the investments as of December 31.

At December 31,Blistex Held Chapped Lips Corp Bonds with a Cost