EE-7

the necessary journal entries for 2014 for (a) Eusey Cosmetics and (b) Dickson December 31, 2014, the trading securities for Puckett, Inc. are as follows. Security A B C Cost Fair Value $18,100 12,500 23,000 Fair Value $16,000 14,800 18,000 Total $53,600 $48,800 the adjusting entry at December 31, 2014, to report the securities at fair balance sheet and income statement presentation at December 31, 2014, ustment to fair value, for investments in stock classified as trading securities are presented in instead that the investments are classified as available-for-sale securities cost and fair value data.The Securities are considered to be a long-term The adjusting entry at December 31, 2014, to report the securities at fair statement presentation at December 31, 2014. after adjustment to fair value. Jayne Parks, a member of the board of directors, does not understand the of the unrealized gains or losses on trading securities and available-for-sale Write a letter to Ms. Parks explaining the reporting and the purposes it serves. the necessary journal entries for 2014 for (a) Eusey Cosmetics and (b) Dickson December 31, 2014, the trading securities for Puckett, Inc. are as follows. Security A B C Cost Fair Value $18,100 12,500 23,000 Fair Value $16,000 14,800 18,000 Total $53,600 $48,800 the adjusting entry at December 31, 2014, to report the securities at fair balance sheet and income statement presentation at December 31, 2014, ustment to fair value, for investments in stock classified as trading securities are presented in instead that the investments are classified as available-for-sale securities cost and fair value data.The Securities are considered to be a long-term The adjusting entry at December 31, 2014, to report the securities at fair statement presentation at December 31, 2014. after adjustment to fair value. Jayne Parks, a member of the board of directors, does not understand the of the unrealized gains or losses on trading securities and available-for-sale Write a letter to Ms. Parks explaining the reporting and the purposes it serves