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On January 1, 20Y7, Valuation Allowance for Trading Investments had a zero balance. On December 31, 20Y7, the cost of the trading securities portfolio was

On January 1, 20Y7, Valuation Allowance for Trading Investments had a zero balance. On December 31, 20Y7, the cost of the trading securities portfolio was $85,000, and the fair value was $87,500. Jour 2 answers

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