In its 2018 annual report to shareholders, Kirby Inc. included the following disclosure regarding its available for sale investments in securities:
-In 2017, Kirby made two adjustments to its available for sale investments.
Required:
Briefly explain the adjustments and why they occurred.
Definitions:
Tort Law
A segment of law that addresses, rectifies, and provides remedies for civil wrongs not arising out of contractual obligations.
Privity of Contract
The relationship between parties in a contract that confers rights and obligations.
Individual
Referring to a single human being as distinct from a group, class, or family.
Contract
A legally binding agreement between two or more parties that outlines the terms and conditions of a particular arrangement.
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