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Larkspur Company has a stock portfolio valued at $3,500. Its cost was $2,700. If the Fair...

Larkspur Company has a stock portfolio valued at $3,500. Its cost was $2,700. If the Fair Value Adjustment account has a debit balance of $140, prepare the journal entry at year-end. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit
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Account title and explanation Debit Credit
Fair value adjustment (Available-for-sale) $660 (3500-2700-140)
Unrealized Holding Gain or Loss $ 660
(To record fair value adjustment)
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