Element Company had the following long-term available-for-sale securities in its portfolio at December 31 for each of the years listed.The year-end cost and fair values for its portfolio follow.Beginning with Year 1,prepare the appropriate journal entry to record each year-end market adjustment for these securities.
$\begin{array}{lcc}& & \text { Fair } \
\text { Available-for-Sale Securities } & \text { Cost } & \text { Value }\
\text { Year 1 } & \$ 404,000 & \$ 410,000 \
\text { Year 2 } & 406,000 & 414,000 \
\text { Year 3 } & 461,000 & 472,000
\end{array}$

Question

Element Company had the following long-term available-for-sale securities in its portfolio at December 31 for each of the years listed.The year-end cost and fair values for its portfolio follow.Beginning with Year 1,prepare the appropriate journal entry to record each year-end market adjustment for these securities.
 $\begin{array}{lcc}& & \text { Fair } \
\text { Available-for-Sale Securities } & \text { Cost } & \text { Value }\
\text { Year 1 } & \$ 404,000 & \$ 410,000 \
\text { Year 2 } & 406,000 & 414,000 \
\text { Year 3 } & 461,000 & 472,000
\end{array}$

Quizplus · Accepted Answer

The Answer of Element Company had the following long-term available-for-sale securities in its portfolio at December 31 for each of the years listed.The year-end cost and fair values for its portfolio follow.Beginning with Year 1,prepare the appropriate journal entry to record each year-end market adjustment for these securities.
 $\begin{array}{lcc}& & \text { Fair } \
\text { Available-for-Sale Securities } & \text { Cost } & \text { Value }\
\text { Year 1 } & \$ 404,000 & \$ 410,000 \
\text { Year 2 } & 406,000 & 414,000 \
\text { Year 3 } & 461,000 & 472,000
\end{array}$

Element Company Had the Following Long-Term Available-For-Sale Securities in Its