On December 31, 2011, Manhattan Co. held the following short term available for sale securities.
|
|
Cost |
Fair Value |
|
Nintendo Cocommon stock |
$68,900 |
$75,300 |
|
Atlantic bonds payable |
24,500 |
22,800 |
|
Kellogg Conotes payable |
50,000 |
47,200 |
|
McDonald’s Corpcommon stock |
91,400 |
86,600 |
Manhattan had no short term investments prior to the current period. Prepare the December 31, 2011, yearend adjusting entry to record the fair value adjustment for these securities.