Business, 27.11.2019 00:31, JammedBanjo58
Debt service fund held marketable securities that cost $1,000,000 when purchased during 2011. the securities had fair values of $900,000 on december 31, 2019, and $960,000 on december 31, 2020. the average fair value during the year was $950,000. assuming the government made no journal entries for these securities during 2020, what journal entry should be made in the debt service fund to report the securities in its balance sheet on december 31, 2020?
select one:
a. dr. investments 50,000
cr. revenues—net increase in fair value of investments 50,000
b. dr. investments 40,000
cr. revenues—net increase in fair value of investments 40,000
c. dr. investments 60,000
cr. revenues—net increase in fair value of investments 60,000
d. no entry is necessary because the securities were not sold and no gain or loss was realized.
Answers: 3
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Debt service fund held marketable securities that cost $1,000,000 when purchased during 2011. the se...
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