Question
QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The
QS 15-5 Multiyear fair value adjustments to trading securities LO P1
Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow.
| Portfolio of Trading Securities | Cost | Fair Value | ||||
| December 31, 2016 | $ | 69 | $ | 51 | ||
| December 31, 2017 | 58 | 78 | ||||
| December 31, 2018 | 76 | 101 | ||||
| December 31, 2019 | 88 | 71 | ||||
Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities.
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Fundamentals Of Oil And Gas Accounting
Authors: Charlotte Wright
6th Edition
9781593703639
