Asked Dec 20, 2019

On January 1, Valuation Allowance for Trading Investments had a zero balance. On December 31, the cost of the trading securities portfolio was $260,000, and the fair value was $214,000. Prepare the December 31 adjusting journal entry to record the unrealized gain or loss on trading investments.


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Step 1

Prepare adjusting entry for valuation of...


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Post Credit ($) Date Account Titles and Explanation Debit ($) Ref. 31 Unrealized Loss on Trading Investments Vahuation Allowance for Trading Investments |(To record unrealized loss on trading securities) 46,000 December 46,000


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