Assume That Chapman's Inc

question 161

Multiple Choice

Assume that Chapman's Inc.'s trading securities have a total cost of $185,000 and a total fair value of $215,000 at year end.The related adjusting entry would include a debit to

• A)Unrealized Gain or Loss - Income for $30,000.
• B)Fair Value Adjustment - Trading for $30,000.
• C)No adjustment since only realized gains are recorded.
• D)Fair Value Adjustment - Trading for $215,000.

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Definitions:

Sagittal

Pertaining to or in a plane that divides the body into right and left parts, generally used in anatomical descriptions.

Horizontal

Parallel to the ground or to the bottom edge of a page, creating a left and right orientation.

Hemorrhagic Stroke

A stroke resulting from bleeding from a blood vessel.

Ruptured Blood Vessel

A condition where the wall of a blood vessel breaks open, leading to bleeding within the body.