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In its 2018 annual report to shareholders, Kirby Inc. included the following disclosure regarding its available...

In its 2018 annual report to shareholders, Kirby Inc. included the following disclosure regarding its available for sale investments in securities: December 31 2018 2017 2016 In thousands Accumulated other comprehensive income Unrealized holding gains (losses) on securities: Balance at beginning of year — (7,543 ) (6,872 ) Unrealized holding gains (losses) for the year 1,519 (3,574 ) (681 ) Unrealized holding losses recognized in NI. — 11,117 — Balance at end of year 1,519 — (7,553 ) Required: Prepare the journal entry (in thousands) that Kirby made at the end of 2018 to record unrealized holding gains arising during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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Answer #1

Journal entry :

DATE. PARTICULARS. DEBIT. CREDIT

2018. FAIR VALUE ADJUSTMENT 1,519

UNREALIZED HOLDING GAINS(LOSSES)-OCI 1,519

(To record unrealized holding gain)

  

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