Shallot Company Has the Following Data at December 31 2017

question 174

Essay

Shallot Company has the following data at December 31 2017 for its securities. $$\begin{array} { l r r } \underline{\text { Securities }} & \underline { \text { Cost } } & \underline{ \text { Fair Value } } \\\text { Trading } & \$ 90,000 &\$93,000\\\text { Available-for-sale }&74,000&68,000\end{array}$$ Instructions
(a) Prepare the adjusting entries to report the securities at fair value.
(b) Indicate the statement presentation of the related unrealized gain (loss) accounts for each class of securities.

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Definitions:

Iranian Relations

The diplomatic, economic, and military interactions between the governments of Iran and other countries.

Nuclear Capability

The ability of a country or entity to develop, test, and use nuclear weapons.

Insurgents

Armed individuals or groups who revolt against established government or authority, often aiming for political change.

Principal Groups

Main or leading organizations or factions within a larger system or society, often involved in setting agendas or influencing policies.