During the fourth quarter of 2016, Zinner, Inc., generated excess cash, which the company invested in trading

Question:

During the fourth quarter of 2016, Zinner, Inc., generated excess cash, which the company invested in trading securities as follows:
2016
Nov 17 Purchased 1,300 common shares as an investment in trading securities, paying $9 per share.
Dec 19 Received cash of $0.48 per share on the trading securities.
Dec 31 Adjusted the trading securities to fair value of $6 per share.
Requirements
1. Open T-accounts for Cash (including its beginning balance of $15,000), Investment in Trading Securities, Revenue, and Unrealized Gain (Loss) on Trading Securities.
2. Journalize the foregoing transactions and post to the T-accounts.
3. Show how to report the short-term investment on Zinner's at December 31, 2016.
4. Show how to report whatever should appear on Zinner's income statement for the year ended December 31, 2016.
5. Zinner sold the trading securities for $10,400 on January 11, 2017. Journalize the sale.
6. Assume that the securities were classified as available-for-sale. Further, assume that the fair value was $10 per share on December 31, 2017, and $10.50 per share on January 1, 2018, when they were sold. Repeat steps 3-4 for 2016 and 2017, and journalize the sale of the securities on January 1, 2018. Follow the example in Exhibit 5-2.
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