Question: QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The

QS 15-5 Multiyear fair value adjustments to trading securities LO P1

QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Trading Securities Cost Fair Value December 31, 2016 $39 $36 December 31, 2017 December 31, 2018 71 December 31, 2019 56 48 43 61 58 Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec 31, 2016 3 Unrealized loss-Income Fair value adjustmentTrading (ST) 3 2 Dec 31, 2017 8 Fair value adjustment-Trading (ST) Unrealized gain-Income 8 3 Dec 31, 2018 Fair value adjustment-Trading (ST) Unrealized gain-Income 4 Dec 31, 2019 Unrealized loss-Income Fair value adjustment-Trading (ST)

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