On January 1, Valuation Allowance for Trading Investments had a zero balance. On December 31,...
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Accounting
On January 1, Valuation Allowance for Trading Investments had a zero balance. On December 31, the cost of the trading securities portfolio was $66,800, and the fair value was $68,000. Prepare the December 31 adjusting journal entry to record the unrealized gain or loss on trading investments.
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