Multiple Choice
Trading securities purchased in 2012 for $90,000,had a fair value of $92,000 on December 31,2012.At December 31,2013 the securities had a fair value of $95,000.The journal entry on December 31,2013 would include a:
A) debit to the Investment in Trading Securities account for $5,000.
B) debit to the Investment in Trading Securities account for $3,000.
C) credit to the Unrealized Gain on Trading Securities account for $5,000.
D) debit to the Unrealized Loss on Trading Securities account for $3,000.
Correct Answer:
Verified
Correct Answer:
Verified
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