Some of Grand Junction Corporations investment securities are classified as trading securities and some are classified as available-for-sale.The cost and market value of each category at December 31, 2010, was as follows. At December 31, 2009, the Market AdjustmentTrading account had a debit balance of $2,200, and the Market AdjustmentAvailable-for-Sale account had a credit balance of $7,750. Prepare the required
Chapter 16, DO IT! Review #3
Some of Grand Junction Corporation’s investment securities are classified as trading securities and some are classified as available-for-sale.The cost and market value of each category at December 31, 2010, was as follows.
At December 31, 2009, the Market Adjustment—Trading account had a debit balance of $2,200, and the Market Adjustment—Available-for-Sale account had a credit balance of $7,750. Prepare the required journal entries for each group of securities for December 31, 2010.
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Trading securities: Unrealized Loss x Income ................................................................... …View the full answer
Related Book For 
Accounting Principles
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
ISBN: 978-0470533475