Assuming all of the securities are classified as - 14647

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Request Description

 

Assuming all of the securities are classified as available for sale, the journal entry required on December 31, 2010, the end of Ling's fiscal year, would include a

Answer

debit to Investment in Available-for-Sale Securities of $60,000

 

debit to Unrealized Increase/Decrease in Value of $60,000

credit to Unrealized Increase/Decrease in Value of $60,000

credit to Unrealized Increase/Decrease in Value of $80,000

 

Solution Description

 

Assuming all of the securities are classified as available for sale, the journal entry required on December 31, 2010, the end of Ling's fiscal year, would include a