4. (TCO B) On December 31, 2010, Jeter Corp. had the following equity securities

Question

4. (TCO B) On December 31, 2010, Jeter Corp. had the following equity securities that were purchased during 2010, its first year of operation: Fair Unrealized Cost Value Gain (Loss) Trading Securities Security A $ 90,000 $ 60,000 $(30,000) B 15,000 30,000 5,000 Totals $105,000 $ 80,000 $(25,000) Available-for-Sale Securities Y $ 70,000 $ 80,000 $ 10,000 X 85,000 55,000 (30,000) Totals $155,000 $135,000 $(20,000) All market declines are considered temporary. Fair-value adjustments at December 31, 2010 should be established with a corresponding charge against Income Stockholders

Explanation / Answer

c $25,000 $20,000

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