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c. 9,100,000 d. 5,800,000 Pernt ct s,700 Ne cetret erce 49,o00,000-39, 900,00 9,1o0,0c 916c,00K 3ey03,32 0c 13. At December 31, 2018, Penny Corporation had the following equity securities that were purchased during 2018, its first year of operation: Fair Unrealized Gain (Loss) Cost Value Trading Securities: Security A $ 85,000 15,000 $100,000 $(25,000) 5,000 $120,000) $60,000 20,000 $ 80.000 Totals Available-for-Sale Securities: $ 80,000 $10,000 (10,000) $(0 $70,000 85,000 $155,000 Security Y 75,000 $155,000 Totals All market declines are considered temporary. Fair value adjustments at December 31, 2018 should be established with a corresponding charge against Stockholders' Equity $35,000 $20,000 $ 0 $15.000 Income a. $15,000 b. $0 c. $20,000 d. $35,000 Use the following information for questions 14 and 15 a.) b. $384,000. c. $96,000. d. $0. 16, At December 31, 2020, Nicole Company has a stock portfolio valued at $66,000. Its cost was $80,000. If the Securities Fair Value Adjustment (Available-for-Sale) has a credit batance of $4,000, which of the following journal entries is required at December 31, 2020? a. Fair Value Adjustment (available-for-sale) Unrealized Holding Gain or Loss-Equity 18,000 18,000 b. Unrealized Holding Gain or Loss-Equity Fair Value Adjustment (available-for-sale) C. Unrealized Holding Gain or Loss-Equity Fair Value Adjustment (available-for-sale) d. Unrealized Holding Gain or Loss-Equity Fair Value Adjustment (available-for-sale) 18,000 18,000 14,000 14,000 10,000 10,000 VE STAR Rizzo, Inc., owns 35 % of Max Corporation. During the calendar year 2018, Max had net earnings of $300,000 and paid dividends of $30,000. Rizzo mistakenly recorded these transactions using the fair value method rather than the equity method of accounting. What effect would this have on the investment account, net income, and retained earnings, respectively? a. Understate, overstate, overstate b. Overstate, understate, understate c. Overstate, overstate, overstate d. Understate, understate, understate 18 When a customer purchases a product but is not yet ready for delivery, this is referre