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Fundamental Accounting Principles
Some of Tollakson Corporations investments in debt securities are classified

Some of Tollakson Corporations investments in debt securities are classified as trading securities and some are classifi

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Some of Tollakson Corporation€™s investments in debt securities are classified as trading securities and some are classifi ed as available-for-sale. The cost and fair value of each category at December 31, 2020, were as follows.

Unrealized Gain (Loss) $(11,400) Cost Fair Value Trading securities Available-for-sale securities $84,900 $96,300 $59,00

At December 31, 2019, the Fair Value Adjustment€”Trading account had a debit balance of $3,200, and the Fair Value Adjustment€”Available-for-Sale account had a credit balance of $5,750. Prepare the required journal entries for each group of securities for December 31, 2020.

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Unrealized Gain (Loss) $(11,400) Cost Fair Value Trading securities Available-for-sale securities $84,900 $96,300 $59,000 $63,200 $ 4,200

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My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional. Since 2012 I am providing home tutions.

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Accounting Principles

ISBN: 978-1119411482

13th edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Jan 15, 2019 06:55 AM

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