(Solution) - American Steel Corp acquired the following securities in 2013 At the -(2025 Original AI-Free Solution)

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American Steel Corp. acquired the following securities in 2013:

At the beginning of 2013, American Steel had a zero balance in each of its market adjustment accounts.
1. What entry or entries would be made at the end of 2013, assuming the preceding fair values?
2. If net income before any adjustments related to investment securities was $100,000, what would reported income be after adjustments? (Ignore income taxes.)