Hubbard Company Had the Following Trading Securities in Its Portfolio

Essay

Hubbard Company had the following trading securities in its portfolio at December 31.The Fair Value Adjustment-Trading account had a balance of zero prior to year-end adjustment.Prepare the appropriate adjusting journal entry.
$$\begin{array} { | l | r | r | } \hline { \text { Short-Term Investments } } & { \text { Cost } } & { \text { FairValue } } \\\hline \text { XBM } & \$ 24,500 & \$ 25,900 \\\hline \text { Micro } & 51,000 & 48,600 \\\hline \text { Outel } & 62,300 & 61,000 \\\hline \text { Dull } & 29,900 & 30,200 \\\hline \text { Totals } & \$ 167,700 & \$ 165,700 \\\hline\end{array}$$