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 Securities Cost Fair Value Tesla Bonds $ 12,600 $ 9,450 Nike Bonds 20,800 21,840 Ford Bonds 5,200 4,160 QS 15 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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Question: 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

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 Securities		Cost			Fair Value
	Tesla Bonds		$	12,600		$	9,450
	Nike Bonds			20,800			21,840
	Ford Bonds			5,200			4,160

QS 15-5 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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