Some of Grand Junction Corporation’s investment securities are classified as trading securities and some are classified as available for sale.The cost and market value of each category at December 31, 2010, was as follows.
|
Cost |
Fair Value |
Unrealized Gain (Loss) |
|
|
Trading securities |
$96,300 |
$84,900 |
$(11,400) |
|
Available for sale securities |
$59,000 |
$63,200 |
$ 4,200 |
At December 31, 2009, the Market Adjustment—Trading account had a debit balance of $2,200, and the Market Adjustment—Available for Sale account had a credit balance of $7,750. Prepare the required journal entries for each group of securities for December 31, 2010.