Exercise 12-12 (Part Level Submission) Uttinger Company has the following data a

Question

Exercise 12-12 (Part Level Submission) Uttinger Company has the following data at December 31, 2017. Securities Trading Available-for-sale Cost Fair Value $120,000 $126,000 96,000 100,000 The available-for-sale securities are held as a long-term investment. ort: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (Credit acce manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit SHow LIST OF ACCOUNTS LINK TO TEXT oli2000-2018 1ohn Wiey& Sons ios All Rights Reserved. A Division of 2ohn Wiley&Sons; Ins

Explanation / Answer

Journal Entries

Explanations:

Fair value changes in the Trading securities is recorded in the Income Statement.

Fair value changes in the Available for sale securities is recorded in the Other Comprehensive income until they are realized.

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Securities Cost Fair Values Change Trading $        120,000 $        126,000 $    6,000 Available for Sale $        100,000 $          96,000 $ (4,000)

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