Last Unguaranteed Financial Inc. purchased the following trading securities during Year 1, its first year of operations: Name Number of Shares Cost Arden Enterprises Inc. 5,000 $150,000 French Broad...

Last Unguaranteed Financial Inc. purchased the following trading securities during Year 1, its first year of operations:

Name	Number of Shares	Cost
Arden Enterprises Inc.	5,000		$150,000
French Broad Industries Inc.	2,750		66,000
Pisgah Construction Inc.	1,600		104,000
	Total			$320,000

The market price per share for the trading security portfolio on December 31, Year 1, was as follows:

	Market Price per Share,
	Dec. 31, Year 1
Arden Enterprises Inc.	$34
French Broad Industries Inc.	26
Pisgah Construction Inc.	60

a.Provide the journal entry to adjust the trading security portfolio to fair value on December 31, Year 1. If no entry is required, select "no entry required" and leave the amount box blank.

Jun 08, 2022

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Last Unguaranteed Financial Inc. purchased the following trading securities during Year 1, its first year of operations: Name Number of Shares Cost Arden Enterprises Inc. 5,000 $150,000 French Broad...

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