The following information is available for Kinney Company at December 31, 2012, regarding its investments. Instructions (a)

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The following information is available for Kinney Company at December 31, 2012, regarding its investments.

Instructions
  (a) Prepare the adjusting entry (if any) for 2012, assuming the securities are classified as trading.
  (b) Prepare the adjusting entry (if any) for 2012, assuming the securities are classified as available for-sale.
  (c) Discuss how the amounts reported in the financial statements are affected by the entries in (a) and (b).

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Intermediate Accounting

ISBN: 978-0470587287

14th Edition

Authors: kieso, weygandt and warfield.

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