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Oglesbee Inc 17500

Price: $1.99

At December 31, 2012, the trading securities for Oglesbee, Inc. are as follows.
Security Cost Fair Value

Security  Cost   Fair Value 
A  17,500  16,000
B  12,500  14,000
C  23,000  19,000
 53,000  49,000

(a) Prepare the adjusting entry at December 31, 2012, to report the securities at fair value.
(b) Show the balance sheet and income statement presentation at December 31, 2012, after
adjustment to fair value.

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