Question: What did I do wrong? QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in 2016 and maintains short-term

What did I do wrong? What did I do wrong? QS 15-5 Multiyear fair value adjustments to

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 December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 Cost Fair Value $67 57 75 86 $50 76 70 Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities. No Date General Journal Debit Credit Dec 31, 2016 Unrealized loss-Income 17 Fair value adjustment-Trading (ST) 17 Dec 31, 2017 Fair value adjustment Trading (ST) 19 Unrealized gain-Income 19 Dec 31, 2018 Fair value adjustment Trading (ST) 24 Unrealized gain-Income 24 Dec 31, 2019 Unrealized loss-Income 16 Fair value adjustment Trading (ST) 16

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