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MA-6 (Static) Determining Financial Statement Effects of Trading Securities Transactions LOA-1 On January 1, 2018, Brian Company purchased at par $800,000, 6 percent bonds issued
MA-6 (Static) Determining Financial Statement Effects of Trading Securities Transactions LOA-1 On January 1, 2018, Brian Company purchased at par $800,000, 6 percent bonds issued by Laura Company to be actively traded. At December 31, 2018, the bonds had a fair value of $775,000. The bond investment was sold on July 1, 2019, for $802,000. Bria Company's fiscal year ends on December 31. Using the following categories, indicate the effects of the transactions listed above. (Enter a positive value for an increase, negative value for a decrease, and zero for a net effect of zero.) Transaction Date Transaction Assets Balance Sheet Income Statement Llabilities Stockholders' Revenues/ Expenses N et Equity LOSSOS Income December 31, 2018 July 01, 2019 Record the trading securities at fair value Adjust to fair value Record the sale of the trading securities 27,000 27.000 27.000 27,000
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