Riley Company has a credit balance of $44,000 in its Allowance to Adjust Long-Term Investments to Market account at the end of the year, before adjustment. Its investment portfolio has a total cost of $300,000 and a market value of $264,000 at December 31, a balance sheet date. The year-end adjustment entry that would be recorded in the books of Riley Company is:
A) Long-Term Investments 8,000 Realized Gain on Long-Term Investments 8,000
B) Allowance to Adjust Long-Term Investments to Market 8,000 Unrealized Loss on Long-Term Investments 8,000
C) Unrealized Loss on Long-Term Investments 8,000 Allowance to Adjust Long-Term Investments to Market 8,000
D) Long-Term Investments 8,000 Allowance to Adjust Long-Term Investments to Market 8,000
B
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Fill in the blanks with correct word