Cost and fair value data for the trading securities of Carson Company at Decembe

Question

Cost and fair value data for the trading securities of Carson Company at December 31, 2013, are $115,000 and $85,000, respectively. Which of the following correctly presents the adjusting journal entry to record the securities at fair value? Dec. 31 Unrealized Loss - Income 30,000 Trading Securities 30,000 Dec. 31 Fair Value Adjustment - Trading 30,000 Unrealized Gain - Income 30,000 Dec. 31 Unrealized Gain - Income 30,000 Trading Securities 30,000 Dec. 31 Unrealized Loss - Income 30,000 Fair Value Adjustment - Trading 30,000

Explanation / Answer

Dec. 31 Unrealized Loss - Income 30,000 Fair Value Adjustment - Trading 30,000

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---