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On December 31, XXX1; RRR Corporation showed the following investments; Portfolio of Securities Investments Amortized Fair Unrealized Description Cost Value Gain (Loss) Trading Securities $
| On December 31, XXX1; RRR Corporation showed the following investments; | |||||||
| Portfolio of Securities | |||||||
| Investments | Amortized | Fair | Unrealized | ||||
| Description | Cost | Value | Gain (Loss) | ||||
| Trading Securities | $ 93,600 | $ 94,900 | $ 1,300 | ||||
| Available-for-Sale Securities | $ 48,800 | $ 51,400 | $ 2,600 | ||||
| On December 31, XXX0; the ending balance for the contra assets accounts were the following: | |||||||
| Account | Amount | Balance | |||||
| Fair Value Adjustment-Trading | $ 9,200 | Debit | |||||
| Fair Value Adjustment-Available-for-Sale | $ 5,750 | Credit | |||||
| Actions to take: | |||||||
| 1. Prepare the Journal Entry for the Trading Securities. | |||||||
| 2. Prepare the Journal Entry for the Available-for-Sale Securities. | |||||||
| Show your calculations. |
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Accounting The Ultimate Guide To Accounting Principles
Authors: Greg Shields
1st Edition
1722964839, 978-1722964832
