E13-12 McGee Company has the following data at December 31, 2008.
Securities Cost Fair Value
Trading $120,000 $124,000
Available-for-sale 100,000 94,000
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.
Click here for the solution: McGee Company has the following data at December 31, 2008
