E12-12 Uttinger Company has the following data
at December 31, 2015.
The
available-for-sale securities are held as a long-term investment.
Instructions
a)
Prepare the
adjusting entries to report each class of securities at fair value.
b)
Indicate the
statement presentation of each class of securities and the related unrealized
gain (loss) accounts.
TUTORIAL PREVIEW
(a) Market
Adjustment—Trading .................................................... 6,000
($126,000 – $120,000)
Unrealized
Gain—Income.................................................. 6,000
Unrealized Gain
or Loss—Equity............................................. 4,000
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