Research in Motion (RIM) Limited (now called BlackBerry) reported the following (adapted)…

Research in Motion (RIM) Limited (now called BlackBerry) reported the following (adapted) information in the notes accompanying its 2011 financial statements: Current Assets (in millions of U.S. dollars) Cash……………………………………………………………….$ 288 Short-term investments (fair value)………………………………$2,410 Assume that the carrying value of RIM’s short-term investments is $2,405 million prior to the year-end adjustment to fair value. Required Write a note to identify the method used to report short-term investments, and to disclose cost and fair value. Show the journal entry that would have been made by RIM if you determine that a journal entry was needed at year end. View Solution:
Research in Motion RIM Limited now called BlackBerry reported the