Hubbard Company had the following trading securities in its portfolio at December 31. The Fair Value Adjustment-Trading account had a balance of zero prior to any year-end adjustment. Prepare the appropriate adjusting journal entry for this portfolio.Short-Term Debt InvestmentsCostFair ValueXBM$ 24,500$ 25,900Micro51,00048,600Outel62,30061,000Dull 29,900 30,200Totals$167,700$165,700
What will be an ideal response?
| Dec. 31 | Unrealized Loss-Income | 2,000 | ? |
| ? | Fair value Adjustment-Trading | ? | 2,000 |
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- 
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