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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.

$(1)$ 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.

After the fair value adjustment is made, prepare the assets section of Kitty Company's December $31$ classified balance sheet.

$($Amounts to be deducted should be indicated with a minus sign.$)$