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QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Trading Securities December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 Cost $51 Fair Value $42 49 67 83 70 Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities. View transaction list View journal entry worksheet NO Date Debit Credit 1 Dec 31, 2016 General Journal Unrealized loss-Income Fair value adjustment-Trading (ST) 2 Dec 31, 2017 Fair value adjustment-Trading (ST) Unrealized gain-Income Dec 31, 2018 Fair value adjustment-Trading (ST) Unrealized gain-Income Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities. View transaction list View journal entry worksheet No Debit Credit Date Dec 31, 2016 General Journal Unrealized loss -Income Fair value adjustment-Trading (ST) 2 Dec 31, 2017 Fair value adjustment--Trading (ST) Unrealized gain-Income 3 Dec 31, 2018 Fair value adjustment-Trading (ST) Unrealized gain-Income Dec 31, 2019 Unrealized loss-Income Fair value adjustment Trading (ST) J 4 Veleme! 31, 2010 December 31, 2017 December 31, 2018 December 31, 2019 49 60 83 70 Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities. No Debit Credit Date Dec 31, 2016 Answer is complete but not entirely correct. General Journal Unrealized loss-Income Fair value adjustment-Trading (ST) 1 Dec 31, 2017 Fair value adjustment-Trading (ST) Unrealized gain-Income Dec 31, 2018 23 Fair value adjustment-Trading (ST) Unrealized gain-Income Dec 31, 2019 21 x Unrealized loss-Income Fair value adjustment-Trading (ST)

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