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Prepare required journal entries for each group

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Reference no: EM13527254

Some of Powderhorn Corporation's investment securities are classified as trading securities and some are classified as available-for-sale.The cost and market value of each category at December 31, 2011, are shown on the next page.

Cost

Fair Value

Unrealized Gain (Loss)

Trading securities

$93,600

$94,900

$1,300

Available-for-sale securities

$48,800

$51,400

$2,600

At December 31, 2010, the Market Adjustment-Trading account had a debit balance of $9,200, and the Market Adjustment-Available-for-Sale account had a credit balance of $5,750. Prepare the required journal entries for each group of securities for December 31, 2011.

Reference no: EM13527254

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