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Loreal-American Corporation purchased several marketable securities during 2013. At December 31, 2013, the company had the investiments in commom stock listed below. None was held at the last...

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Loreal-American Corporation purchased several marketable securities during 2013. At December 31, 2013, the company had the investiments in commom stock listed below. None was held at the last reporting date, December 31, 2012, and all are considered securities available - for- sale . Cost fair Value Unrealized Holding Gain ( Loss) Short term: Blair Inc. $480.000 $405.000 $ XXXXXXXXXXANC Corporation XXXXXXXXXX000 Totals $ XXXXXXXXXX $885.000 $ XXXXXXXXXXLong Term Drake Corporation $480.000 $ XXXXXXXXXX $ XXXXXXXXXXAaron Industries XXXXXXXXXX XXXXXXXXXXTotals $ XXXXXXXXXX $ XXXXXXXXXX $ XXXXXXXXXXRequired: 1- Prepare the apropriate adjusting entry at December 31, XXXXXXXXXXWhat amounts would be reported in the income statement at December 31, 2013, as a result of the adjusting entry ? Thanks.
Answered Same Day Dec 24, 2021

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Robert answered on Dec 24 2021
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