Question: On January 1 2014 Valuation Allowance for Trading Investments had
On January 1, 2014, Valuation Allowance for Trading Investments had a zero balance. On December 31, 2014, the cost of the trading securities portfolio was $212,500, and the fair value was $203,600. Prepare the December 31, 2014, adjusting journal entry to record the unrealized gain or loss on trading investments.
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