Question: Cengage counts the given answer incorrect: The adjusting entry for the portfolio of trading securities on December 31, 20Y4. Assume that except for the purchase

Cengage counts the given answer incorrect:

The adjusting entry for the portfolio of trading securities on December 31, 20Y4. Assume that except for the purchase of Carroll Inc. securities there were no other transactions involving trading securities in 20Y4. In addition, assume that the fair value of the portfolio of trading securities on December 31, 20Y4, is $175,000.

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