Question
Chapin Company purchased investments in 2017 at a cost of $200,000and recorded them as trading securities. Their market values totaled $250,000 and $230,000 on December
Chapin Company purchased investments in 2017 at a cost of $200,000and recorded them as trading securities. Their market values totaled $250,000 and $230,000 on December 31, 2017, and December 31, 2018, respectively. The entry required on December 31, 2018, would include a
A) debit to Unrealized Holding Gain/Loss-Trading Securities of $30,000
B) credit to Unrealized Holding Gain/Loss-Trading Securities of $20,000
C) credit to Unrealized Holding Gain/Loss-Trading Securities of $30,000
D) debit to Unrealized Holding Gain/Loss-Trading Securities of $20,000
\r\n
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Answer D Debit to Unrealized Holding gainLoss trading securities of 20000 Exp...
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Horngrens Accounting
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
10th Canadian edition Volume 2
978-0134213118, 134213114, 133855384, Google Book, 978-0133855388
