Corbit Company has marketable equity securities that have a fair market value at year-end that is $13.440 below their cost. Give the required entry if:

a. The securities are current assets classified as trading securities.

b. The securities are noncurrent assets classified as available-for-sale securities, and the loss is considered to be temporary.

c. The securities are noncurrent assets classified as available-for-sale securities, and the loss is considered to be permanent. State where each of the accounts debited in

a, b, and c would be reported in the financial statements.

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