For several years Foster Links Products has held shares of Microsoft common stock, considered by this company to be securities available for sale. The shares were acquired at a cost of $ 500,000. Thei

For several years Foster Links Products has held shares of Microsoft common stock, considered by this company to be securities available for sale. The shares were acquired at a cost of $ 500,000. Their fair value last year was $610,000 and is $670,000 this year. At what amount will the investment be reported in this year’s balance sheet? What adjusting entry is required to accomplish this objective?

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