Some of McEleveen Corporation?s investment securities are classified as trading securities and some are classified as available-for-sale. The cost and fair value of each category at December 31, 2012, was as follows. At December 31, 2011, 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
Chapter 16, DO IT! Review #3
Some of McEleveen Corporation?s investment securities are classified as trading securities and some are classified as available-for-sale. The cost and fair value of each category at December 31, 2012, was as follows.
At December 31, 2011, 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 31,2012.
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Trading securities: Unrealized Loss x Income ................................................................... …View the full answer
Related Book For 
Accounting Principles
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
ISBN: 978-0470534793