Shallot Company Has the Following Data at December 31 2017

Essay

Shallot Company has the following data at December 31 2017 for its securities. $$\begin{array} { l r r } \underline{\text { Securities }} & \underline { \text { Cost } } & \underline{ \text { Fair Value } } \\\text { Trading } & \$ 90,000 &\$93,000\\\text { Available-for-sale }&74,000&68,000\end{array}$$ Instructions
(a) Prepare the adjusting entries to report the securities at fair value.
(b) Indicate the statement presentation of the related unrealized gain (loss) accounts for each class of securities.