Frankel Company Often Invests in the Stock of Other Companies

Multiple Choice

Frankel Company often invests in the stock of other companies for long-term purposes.None of the stocks currently held by Frankel qualify for use of the equity method.The following amounts relate to Frankel's long-term portfolio of marketable equity securities. Based on the above information,the adjusting entry on December 31,2014 is:

A) Allowance to Adjust Long Term Investment to Market 76,000 Unrealized Loss on Long-Term Investments 76,000
B) Allowance to Adjust Long Term Investment to Market 24,000 Unrealized Loss on Long-Term Investments 24,000
C) Unrealized Loss on Long-Term Investments 76,000 Allowance to Adjust Long Term Investment to Market 76,000
D) Unrealized Loss on Long-Term Investments 24,000 Allowance to Adjust Long Term Investment to Market 24,000