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Indicate whether the statement is true or false (explain your answer) 1. Trading securities should be reported on the financial statements at fair market value

Indicate whether the statement is true or false (explain your answer)

1. Trading securities should be reported on the financial statements at fair market value

2. Trading securities are reported on the balance sheet at cost

3. Unrealized gains and losses on trading securities are not included in the calculation of the net income

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