12. For an item to be reported as extraordinary, A) the dollar amount must exceed $100. it must never have occurred before. C) it must relate to a typical activity of the business. D) unusual in nature and infrequent in occurrence. 13. A contingent liability should be recorded in the accounting records when: the chance of occurrence is probable and the amount can be reasonably estimated the chance of occurrence is possible and the amount can be reasonably estimated the chance of occurrence is remote and the amount can be reasonably estimated. none of the above 4. Which of the following is not a category of securities! A) U Held-to-maturity securities B) Trading securities Collateral securities Available-for-sale securit 15. At December 31. the trading securities for Riley Company are as follows: Cost Fair Value $28.000 Security A a B $25.000 40.000 $71.000 $66.000 5.000 The adjusting entry at December 31 to report the securities at fair value is: A) Uneatured LOSS - Income PORCA Mrket Adjustment - Tradn 11.000 Market Adjustment - Tra Inrealized 1.05s - Incom ...5.000 Unrealized Loss -Income an d Market Adjustment - Trading....... - - 5.000 D) Market Adjustment - Trading........................... 1.000 D aliud Loss -Income 11.000