On January 1, 2016, Valuation Allowance for Trading Investments had a zero balance On December 31, 2016, the cost of the trading securities portfolio was $385,000, and the fair value was $357,400 Prepare the December 31, 2016, adjusting journal entry to record the unrealized gain or loss on trading...

2016 Dec 31 Unrealized Loss on Trading Investments 27600 Valuation ...

On January 1, 2016, Valuation Allowance for Trading Investments had a zero balance. On December 31, 2016,

Question:

On January 1, 2016, Valuation Allowance for Trading Investments had a zero balance. On December 31, 2016, the cost of the trading securities was $385,000, and the fair value was $357,400. Prepare the December 31, 2016, adjusting journal entry to record the unrealized gain or loss on trading investments.
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...