On January 1, 2016, Valuation Allowance for Trading Investments had a zero balance. On December...
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Accounting
On January 1, 2016, Valuation Allowance for Trading Investments had a zero balance. On December 31, 2016, the cost of the trading securities portfolio was $371,900, and the fair value was $337,800.
Prepare the December 31, 2016, adjusting journal entry to record the unrealized gain or loss on trading investments. Refer to the Chart of Accounts for exact wording of account titles. Be sure to enter the year as a part of the date.
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