Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Portfolio of Trading Securities Cost Fair Value Tesla Bonds $ 18,000 $ 13,500 Nike Bonds 28,000 29,400 Ford Bonds 7,000 5,600

(1) After the fair value adjustment is made, prepare the assets section of Kitty Companys December 31 classified balance sheet.

(2) In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported?

Portfolio of Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $18,000 28,000 7,000 Fair Value $13,500 29,400 5,600 QS 15-5 Reporting trading securities on financial statements LO P1 (1) After the fair value adjustment is made, prepare the assets section of Kitty Company's December 31 classified balance sheet. (2) In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported? Complete this question by entering your answers in the tabs below. Required 1 Required 2 After the fair value adjustment is made, prepare the assets section of Kitty Company's December 31 classified balance sheet. (Amounts to be deducted should be indicated with a minus sign.) KITTY COMPANY Assets Section of Balance Sheet December 31 Assets Current assets Debt investments-Trading (at cost) Fair value adjustmentTrading Debt investments-Trading (fair value) Portfolio of Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $18,000 28,000 7,000 Fair Value $13,500 29,400 5,600 QS 15-5 Reporting trading securities on financial statements LO P1 (1) After the fair value adjustment is made, prepare the assets section of Kitty Company's December 31 classifi (2) In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities repo Complete this question by entering your answers in the tabs below. Required 1 Required 2 In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported? In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported