The largest current asset on Wright The largest current asset on Wright Corporation's balance sheet at December 31,

2016, is Investment in Trading Securities. The investments consist of stock in other corporations and cost Wright $8,360

(amounts in millions). At the balance sheet date, the fair value of these securities is $8,740. Suppose Wright

holds the stock investments in the hope of trading them actively for a profit and converting them to cash within four to six months.

1 Requirements a. How will Wright classify the investments? b. What will Wright report on the balance sheet at December 31, 2016? c. What will Wright report on its 2016 income statement? d. Show a T-account for Investment in Trading Securities. e. Suppose Wright sells the investment in securities for $8,590 in 2017 Journalize the sale and then show the Investment in Trading Securities T-account as it appears after the sale. PrintDone 1 Requirements a. How will Wright classify the investments? b. What will Wright report on the balance sheet at December 31, 2016? c. What will Wright report on its 2016 income statement? d. Show a T-account for Investment in Trading Securities. e. Suppose Wright sells the investment in securities for $8,590 in 2017 Journalize the sale and then show the Investment in Trading Securities T-account as it appears after the sale. PrintDone