Victoria Company has both current and noncurrent equity securities portfolios. All of the equity securities have readily determinable fair values. Those equity securities in the current portfolio are considered trading securities. At the beginning of the year, the market value of each security exceeded cost. During the year, some of the securities increased in value. These securities (some in the current portfolio and some in the long-term portfolio) were sold. At the end of the year, the market value of each of the remaining securities was less than original cost. Victoria also has invetsments in long-term bonds, which the company intends to hold to maturity. All of the bonds were purchased at face value. During the year, some of these bonds were called by the issuer before maturity. In each case, the call price was in excess of par value. Three months before the end of th eyear, additional similar bonds were purchased for face value plus 2 month's accrued interest.

Required:

How should Victoria account for the sale of the securities from each portfolio? Why?

How should Victoria account for the marketable equity securities portfolios at year-end? Why?

How should Victoria account for the disposition before their maturity of the long-term bonds called by the issuer? Why?

How should Victoria report the purchase of the additional similar bonds at the date of acquisition? Why?