Wiffery 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.
Short Term Investments Cost Fair Value
- XBM $24,500 $25,900
- Micro $51,000 $48,600
- Outel $62,300 $61,000
- Dull $29,900 $30,200
- Totals $167,700 $165,700