Multiple Choice
Assume that Chapman's Inc.'s trading debt securities have a total cost of $185,000 and a total fair value of $215,000 at year end. The related adjusting entry would include a debit to
A) Unrealized Gain for $30,000.
B) Fair Value Adjustment - Trading for $30,000.
C) No adjustment since only realized gains are recorded.
D) Fair Value Adjustment - Trading for $215,000.
Correct Answer:
Verified
Correct Answer:
Verified
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