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Prepare adjusting entries to report each class of securities

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Reference no: EM131073080

Uttinger Company has the following data at December 31, 2015.

Securities                   Cost Fair          Value

Trading                      $12,000           $126,000

Available-for-sale        100,000           96,000

The available-for-sale securities are held as a long-term investment.

Instructions

a) Prepare the adjusting entries to report each class of securities at fair value.

b) Indicate the statement presentation of each class of securities and the related unrealized gain (loss) accounts.

Reference no: EM131073080

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