Trading Securities} Marco Financial began operations in 2018 and invests in securities held for trading. During 2018,

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Trading Securities}

Marco Financial began operations in 2018 and invests in securities held for trading. During 2018, it entered into the following transactions:

Purchased 20,000 common shares of MNO for $\$ 40$ per share Purchased 10,000 common shares of BKL for $\$ 30$ per share Purchased 5,000 common shares of ABA for $\$ 10$ per share At December 31, 2018, MNO was trading for $\$ 38$ per share, BKL was trading for $\$ 22$ per share, and ABA was trading for $\$ 13$ per share.

\section*{Required:}

1. Prepare the journal entry to value the trading securities at fair market value.

2. CONCEPTUAL CONNECTION What is the statement of earnings effect of this journal entry?

\section*{Exercise

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