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(Solution) - Bicknel Technologies Inc purchased the following securities during 2012 At the

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Bicknel Technologies Inc. purchased the following securities during 2012:

At the beginning of 2012, Bicknel Technologies had a zero balance in each of its market adjustment accounts. During 2013, after the 2012 financial statements had been issued, Bicknel determined that security B should be reclassified as an available-for-sale security and security C should be reclassified as a trading security. The fair values on the date of the transfer are $5,500 for security B and $17,000 for security C.
Prepare the journal entries to do the following:
1. Adjust the portfolio of securities to its fair value at December 31, 2012.
2. Reclassify security B as an available-for-sale security in 2013.
3. Reclassify security C as a trading security in 2013?


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