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Prepare year-end adjusting entry for the trading securities

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Reference no: EM131534907

Question: Forex Co. purchases various investments in trading securities at a cost of $56,000 on December 27, 2011. (This is its first and only purchase of such securities.) At December 31, 2011, these securities had a fair value of $66,000.

1. Prepare the December 31, 2011, year-end adjusting entry for the trading securities' portfolio.

2. Explain how each account in the entry of part 1 is reported in financial statements.

3. Prepare the January 3, 2012, entry when Forex sells a portion of its trading securities (that had originally cost $28,000) for $30,000.

Reference no: EM131534907

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