Zippydah Company has the following data at December 31, 2014.
|
Securities |
Cost |
Fair Value |
|
Trading |
120,000 |
124,000 |
|
Non-trading |
100,000 |
94,000 |
The non-trading securities are held as a long-term investment.
Instructions:
(a) Prepare the adjusting entries to report 1. Trading securities at fair value and 2. Non-trading securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(b) Indicate the statement presentation of each class of securities.