Which of the following statements regarding accounting for trading debt securitie

false?

An unrealized gain or loss from a change in fair value is reported in the incom

statement.

The portfolio of trading securities is reported at fair value.

Unrealized gains and losses are recorded in a temporary account that is close

Income Summary at the end of each period.

An unrealized gain or loss is recorded with an adjusting entry at the end of ea

period.

An unrealized gain or loss is recorded with an adjusting entry when the secur

are sold.