The following information is available for Kinney Company at December 31, 2012, regarding its investments. Instructions (a)
Question:
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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a Adjusting entry assuming securities are classified as trading There is an unrealized gain of 3000 ...View the full answer
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