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March 1, 2015

Homework Help: Intermediate Accounting

Posted by cyndi on Saturday, December 11, 2010 at 2:43am.

Burr Corporation began operations on January 1, 2007, and at December 31, 2007, Burr had the following investment portfolio of marketable equity securities:

In current assets In noncurrent assets
Aggregate cost $185,000 $275,000
Aggregate market value 150,000 225,000
Net unrealized loss $ 35,000 $ 50,000

All the declines are judged to be temporary. Valuation allowances at December 31, 2007 should be established with corresponding charges against:
Income Stockholders’ equity

a. $ -0- $85,000
b. 35,000 50,000
c. 50,000 35,000
d. 85,000 -0-

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