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Problem 4-Trading Securities at Fair Value On January 1, 20Y7, Valuation Allowance for Trading Investments had a zero balance. On December 31, 20Y7, the
Problem 4-Trading Securities at Fair Value 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 $84,000, and the fair value was $88,500. Journalize the December 31, 20Y7, adjusting entry to record the unrealized gain or loss on trading investments. Problem E
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