The next year, all securities were worth $25,000

		Classification		Cost		FMV on 12-31-20	FMV on 12-31-2021
Security A		Trading		8,000.00		7,000.00	25,000
Security B		Trading		3,000.00		3,500.00	25,000
Security C		AFS		5,000.00		6,100.00	25,000
Security D		AFS		12,000.00		11,500.00	25,000
Security E		Held to Maturity		20,000.00		19,000.00	25,000
Make journal entries to
Record the purchase and the recording of the FMV at December 31st. for both years

On which statement will the AFS gain or loss go on and the gain or loss Trading Securities go on?

Answer rating: 100% (QA)

To record the purchase and the recording of the fair market value FMV at December 31st for both year... View the full answer