At the Beginning of the Year, the Permanent Fund of Rapid

question 9

Multiple Choice

At the beginning of the year, the permanent fund of Rapid City had an investment portfolio with a historical cost of $300,000 and a fair value of $330,000.There were no purchases or sales of securities during the year.At year end the portfolio had a fair value of $360,000.At the end of the year Rapid City will account for this increase in fair value in which of the following ways?

• A)Credit Investment income, $30,000.
• B)Credit Investment income, $60,000.
• C)Credit Fund Balance, $30,000.
• D)No entry is made to recognize increase in fair value.

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