On January 1, 2012, Valuation Allowance for Trading Investments has a zero balance. On December 31, 2012,

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On January 1, 2012, Valuation Allowance for Trading Investments has a zero balance. On December 31, 2012, the cost of the trading securities portfolio was $33,200, and the fair value was $39,500. Prepare the December 31, 2012, adjusting journal entry to record the unrealized gain or loss on trading investments.

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...
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Financial and Managerial Accounting

ISBN: 978-0538480895

11th Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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