Question
Valuing Trading Securities at Fair Value On January 1, Valuation Allowance for Trading Investments had a zero balance. On December 31, the cost of the
Valuing Trading Securities at Fair Value
On January 1, Valuation Allowance for Trading Investments had a zero balance. On December 31, the cost of the trading securities portfolio was $48,800, and the fair value was $49,900.
Prepare the December 31 adjusting journal entry to record the unrealized gain or loss on trading investments.
| Dec. 31 | Trading Investments | ||
| Trading Investments |
|
Valuing Available-for-Sale Securities at Fair Value
On January 1, Valuation Allowance for Available-for-Sale Investments had a zero balance. On December 31, the cost of the available-for-sale securities was $94,500, and the fair value was $97,080.
Prepare the adjusting entry to record the unrealized gain or loss on available-for-sale investments on December 31.
| Dec. 31 | Unrealized Gain (Loss) on Available-for-Sale Investments | ||
| Available-for-Sale Investments |
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
9th edition
978-1119493631
