Current Attempt in Progress In its first year of operations, Carla Vista Corporation purchased available-for-sale debt securities costing $64,000 as a long-term investment. At December 31, 2027, the fair value of the securities is $59,600. Prepare the adjusting entry to record the securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Dec. 31 Account Titles and Explanation Debit Credit

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 14P: Restructuring (Debtor) Oakwood Corporation is delinquent on a 2,400,000, 10% note to Second National...
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Current Attempt in Progress
In its first year of operations, Carla Vista Corporation purchased available-for-sale debt securities costing $64,000 as a long-term
investment. At December 31, 2027, the fair value of the securities is $59,600.
Prepare the adjusting entry to record the securities at fair value. (List all debit entries before credit entries. Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter
O for the amounts.)
Date
Dec. 31
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Current Attempt in Progress In its first year of operations, Carla Vista Corporation purchased available-for-sale debt securities costing $64,000 as a long-term investment. At December 31, 2027, the fair value of the securities is $59,600. Prepare the adjusting entry to record the securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Dec. 31 Account Titles and Explanation Debit Credit
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