Business, 27.07.2021 21:20 Lalagrl

Carpark Services began operations in 20X1 and maintains long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of debt securities follows. The year-end adjusting entry to record the unrealized gain/loss at December 31, 20X2 is: Available-for-Sale Securities Cost Fair Value
December 31, 20X1 $275,000 $261,000
December 31, 20X2 $360,000 $376,500

a. Debit Fair Value Adjustment â Available-for-Sale (LT) $14,000; Credit Unrealized Gain â Equity $14,000.
b. Debit Unrealized Loss â Equity $14,000; Credit Fair Value Adjustment â Available-for-Sale (LT) $14,000.
c. Debit Fair Value Adjustment â Available-for-Sale (LT) $14,000; Credit Unrealized Loss â Equity $14,000.
d. Debit Unrealized Gainâ Equity $14,000; Credit Fair Value Adjustment â Available-for-Sale (LT) $14,000.
e. Debit Realized Loss â Income $14,000; Credit Fair Value Adjustment â Available-for-Sale (ST) $14,000.

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Carpark Services began operations in 20X1 and maintains long-term investments in available-for-sale...

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