Multiple Choice
A long-term investment in common shares acquired during 2020 at a cost of $45,000 has a market value on December 31, 2020, of $45,725. The year-end adjusting entry requires a:
A) debit to Long-Term Investment for $725
B) credit to Allowance to Adjust Investment to Market for $725
C) debit to Unrealized Gain on Investment for $725
D) no entry required
Correct Answer:
Verified
Correct Answer:
Verified
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