Union Financial Services, Inc., purchased the following trading securities during 2009, its first year of operations: The

Question:

Union Financial Services, Inc., purchased the following trading securities during 2009, its first year of operations:

The market price per share for the trading security portfolio on December 31, 2009, and December 31, 2010, was as follows:

(a) Provide the journal entry to adjust the trading security portfolio to fair value on:1. December 31, 20092. December 31, 2010(b) Describe the income statement impact from the December 31, 2010, journalentry.

Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...