Use this information to answer the following question. These facts concern the long-term stock investments of DeBord Corporation: June 1, 2014 Paid cash for the following long-term investments: 5,000 shares Vanhook Corporation common stock (representing 5 percent of outstanding stock) at $40 per share; 3,000 shares Shust Corporation common stock (representing 3 percent of outstanding stock) at
$24 per share. Dec. 31, 2014 Quoted market prices at year end: Vanhook common stock, $35; Shust common stock, $27. April 1, 2015 A change in policy required the sale of 1,000 shares of Vanhook Corporation common stock at $38. July 1, 2015 Received a cash dividend from Shust Corporation equal to $.30 per share. Dec. 31, 2015 Quoted market prices at year end: Vanhook common stock, $39; Shust common stock, $22. The entry to adjust the Allowance to Adjust Long-Term Investments to Market in 2015 is:
A) Unrealized Loss on Long-Term Investments 6,000 Allowance to Adjust Long-Term Investment to Market 6,000
B) Allowance to Adjust Long-Term Investment to Market 10,000 Unrealized Loss on Long-Term Investments 10,000
C) Unrealized Loss on Long-Term Investments 10,000 Allowance to Adjust Long-Term Investment to Market 10,000
D) Allowance to Adjust Long-Term Investment to Market 6,000 Unrealized Loss on Long-Term Investments 6,000
D
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