Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow.
Portfolio of Trading
Securities Cost Fair Value
Tesla Bonds $15,300 $ 11,475
Nike Bonds 24,400 25,620
Ford Bonds 6,100 4,880
Prepare journal entries to record the December 31 year-end fair value adjustment for the above debt securities.
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