Exercise 12-12 (Part Level Submission)

Need help with part B

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Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bonds Payable Buildings Cash Cash Dividends Common Stock Common Stock Dividends Distributable Cost of Goods Sold Debt Investments Discount on Bonds Payable Dividends Dividend Revenue Dividends Payable Equipment Fair Value Adjustment-Available-for-Sale Fair Value Adjustment-Trading Fair Value Adjustment-Non-Trading Gain on Sale of Debt Investments Gain on Sale of Stock Investments Goodwill Income Tax Expense Income Taxes Payable Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Loss on Sale of Debt Investments Loss on Sale of Stock Investments No Entry Notes Payable Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Preferred Stock Premium on Bonds Payable Prepaid Insurance Retained Earnings Revenue from Stock Investments Short-Term Investment Stock Dividends Stock Investments Unrealized Gain or Loss-Equity Unrealized Gain on Non-Trading Unrealized Gain-Income Unrealized Loss-Income

Exercise 12-12 (Part Level Submission) Uttinger Company has the following data at December 31, 2015 Securities Trading Available-for-sale Fair Value $119,890 $123,400 95,130 Cost 102,290 The available-for-sale securities are held as a long-term investment. (a) Your answer is correct. Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at f value. (Credit account titles are automatically indented when amount is entered. Do not indent manual If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit Fair Value Adjustment-Trac 3510 Unrealized Gain-Incom 3510 Unrealized Gain or Loss-Ec 7160 Fair Value Adjustment- 7160 Your answer IS partially correct. Iry again Indicate the statement presentation of each class of securities Uttinger Company Balance Sheet (Partial) December 31, 2015 Current Assets Intangible Assets 123400 Total Long-Term Investments Short-Term Investments 95130 Stockholders' Equity Add 7160 7160 Indicate the related unrealized gain (loss) accounts. Uttinger Company Income Statement (Partial) For the year ended December 31, 2015 Net Income/(Loss) Net Income (Loss) 7160