On December 31, 2013, Patel Co. purchased equity securities as trading securities. Pertinent data are as follows: 
The journal entry to record the fair value adjustment at December 31, 2014 will include
A) a debit to Fair Value Adjustment-Trading for Rs140,000.
B) a debit to Unrealized Loss - Equity for Rs70,000.
C) a debit to Unrealized Loss - Income for Rs70,000.
D) a credit to Unrealized Gain - Income for Rs140,000.
Correct Answer:
Verified
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