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Question 15.4: Valuing Trading Securities at Fair Value On January 1, 20Y6...

Valuing Trading Securities at Fair Value

On January 1, 20Y6, Valuation Allowance for Trading Investments had a zero balance. On December 31, 20Y6, the cost of the trading securities portfolio was $79,200, and the fair value was $76,800. Prepare the December 31, 20Y6, adjusting journal entry to record the unrealized gain or loss on trading investments.

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