Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The year-end cost and

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Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow. Prepare journal entries to record each December 31 year-end fair value adjustment for these securities.
Portfolio of Trading Securities Cost Fair Value
December 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . $37......................$35
December 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . 42........................46
December 31, 2018 . . . . . . . . . . . . . . . . . . . . . . . . 60........................69
December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . 56........................55
Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...
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Fundamental Accounting Principles

ISBN: 978-1259536359

23rd edition

Authors: John Wild, Ken Shaw, Barbara Chiappett

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