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Jones reported a $10,000 credit balance in its Fair value adjustmenttrading securities account in its December 31, 20X0, balance sheet. Assume that it sold no

Jones reported a $10,000 credit balance in its Fair value adjustmenttrading securities account in its December 31, 20X0, balance sheet. Assume that it sold no trading securities during 20X1. Required: How much should Jones report as unrealized gain or loss on its 20X1 income statement? Prepare the journal entry that Jones would make to record the 20X1 fair value adjustment to its trading portfolio.

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