On December 31, 2010, trading securities with an original cost of $45,000 have a market value of $47,000. On January 5, 2011, those trading securities are sold for $41,000. Determine the gains or losses in 2010 and 2011 associated with these trading securities. Clearly label whether the gains or losses are realized or unrealized. Name the financial statement on which each is reported.
Correct Answer:
Verified
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