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Required information (The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in
Required information (The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Portfolio of Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $14,700 23,600 5,900 Fair Value $11,025 24,780 4,720 (1) After the fair value adjustment is made, prepare the assets section of Kitty Company's December 31 classified balance sheet. (2) In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported? Complete this question by entering your answers in the tabs below. Required 1 Required 2 In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported? In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported?
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