Refer to your answer to SE 2. Assume that on December 31, 2012, the cost of Pirat Tech Company’s…

Refer to your answer to SE 2. Assume that on December 31, 2012, the cost of Pirat Tech Company’s…

Refer to your answer to SE 2. Assume that on December 31, 2012, the cost of Pirat Tech Company’s portfolio of long-term available-for-sale securities was $570,000 and that its market value was $490,000. In SE 2, On December 31, 2011, the market value of Pirat Tech Company’s portfolio of long-term available-for-sale securities was $640,000. The cost of these securities was $570,000. Prepare the journal entry to record the 2012 year-end adjustment.

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