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Question - Sunshine Ltd. Started a business on January 1, 2020 and has the following data at December 31, 2020.
Securities cost fair value
Trading $120,000 125,000
Non-trading 100,000 96,000
The non-trading securities are held as a long-term investment.
Required -
1. Prepare the adjusting entries to report each class of securities at fair value.
2. Indicate the statement presentation of each class of securities and the related unrealized gain (losses) accounts (including statement of financial position, income statement and comprehensive income statement).
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