Question: Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.] Kitty Company began operations in

Required information

Use the following information for the Quick Study below.

[The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow.

Portfolio of Trading SecuritiesCostFair Value

Tesla Bonds $12,300 $9,225

Nike Bonds 20,400 21,420

Ford Bonds 5,100 4,080

QS C-5 Reporting trading securities on financial statements LO P1

(1) After the fair value adjustment is made, prepare the assets section of Kitty Companys December 31 classified balance sheet. (2) In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported?

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