At December 31, 2018, the held for trading investments for Yanik Inc. are as follows: Security Cost

Question:

At December 31, 2018, the held for trading investments for Yanik Inc. are as follows:
Security Cost Fair Value
A..................$18,500................$21,000
B....................12,500..................14,000
C....................21,000..................19,000
Totals...........$52,000................$54,000
Instructions
(a) Prepare the adjusting entry at December 31 to report the held for trading investment at fair value.
(b) Show the financial statement presentation of the held for trading investments and any related accounts at December 31, 2018.
(c) On March 22, 2019, Yanik sold security A for $22,000 cash. Record the sale of the security.
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...