1. Create a journal entry for when a Trading Security has increased in fair market value by $150,000. Which financial statements are affected and how are the financial statements affected? 

2. Create a journal entry for when a Available-For-Sale Security has decreased in fair market value by $85,000. Which financial statements are affected and how are the financial statements affected? 

3. What journal entries are required for when a company is changing their accounting policy from LIFO to FIFO?

Answer rating: 100% (QA)

1 Create a journal entry for when a Trading Security has increased in fair market value by 150000 Which financial statements are affected and how are ... View the full answer