King George Company Has These Data at December 31, 2014

question 92

Essay

King George Company has these data at December 31, 2014: $\begin{array}{lrr}\text { Securities } & \text { Cost } & \text { Fair Value } \\\text { Trading } & \$ 110,000 & \$ 119,000 \\\text { Available-for-sale } & 100,000 & 95,000\end{array}$
The available-for-sale securities are held as a long-term investment.
Instructions
(a) Prepare the adjusting entries to report each class of securities at fair value.
(b) Indicate the statement presentation of each class of securities and the related unrealized gain (loss) accounts.

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Definitions:

Maslow

Refers to Abraham Maslow, a psychologist best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.

Sweet Taste

A sensation recognized primarily on the tongue, triggered by sugar and substances with a similar chemical structure.

Eating

The act of consuming food in order to provide nutritional support to the body.

Abraham Maslow

A renowned American psychologist who developed the hierarchy of needs theory, which suggests psychological well-being is based on meeting basic human needs.