ABC Company purchased shares of stock of another company for $75,000 during 2008; the shares were classified as trading securities. At the end of 2008, the shares were valued at $81,000 and at the end of 2009 were valued at $79,000. ABC owned no other securities. During 2010 the securities were sold for $83,000. With regard to these securities,what is the balance in the contra-asset account, Fair Value Adjustment Trading Securities at the end of 2009?

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Calculating the Balance in Fair Value Adjustment Trading Securities Heres how to find the balance in ... View the full answer