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.
$\begin{array} { l l l } & & \text { Fair } \\\text { Short-Term Investments } & \text { Cost } & \text { Value } \\\text { XBM } & \$ 24,500 & \$ 25,900 \\\text { Micro } & 51,000 & 48,600 \\\text { Outel } & 62,300 & 61,000 \\\text { Dull } & \underline { 29,900 } & \underline { 30,200 } \\\text { Totals } & \underline { \$ 167,700 } & \underline { \$ 165,700 }\end{array}$