On January 1, the valuation allowance for trading investments account has a zero balance. On December 31, the cost of trading securities portfolio was $64,200, and the fair value was $67,000.Prepare the December 31 adjusting journal entry to record the unrealized gain or loss on trading investments.

Question

On January 1, the valuation allowance for trading investments account has a zero balance. On December 31, the cost of trading securities portfolio was $64,200, and the fair value was $67,000.​Prepare the December 31 adjusting journal entry to record the unrealized gain or loss on trading investments.

Quizplus · Accepted Answer

The Answer of On January 1, the valuation allowance for trading investments account has a zero balance. On December 31, the cost of trading securities portfolio was $64,200, and the fair value was $67,000.​Prepare the December 31 adjusting journal entry to record the unrealized gain or loss on trading investments.

On January 1, the Valuation Allowance for Trading Investments Account