Categories: Do It! Review 12-3B |/| Your answer is partially correct. Try again.

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Do It! Review 12-3B |/| Your answer is partially correct. Try again. Identify where each of the following items would be reported in the financial statements. Item Financial statement Category 1. Loss on sale of investments in stock. Income Statement Other Expenses and Losses 2. Unrealized gain on available-for-sale securities. Balance Sheet Current Assets 3. Fair value adjustment-trading Income Statement Other Revenues and Gains 4. Interest earned on investments in bonds. Income Statement Other Revenues and Gains 5. Unrealized loss on trading securities. Income Statement Other Expenses and Losses

Explanation / Answer

Solution:

Here I am providing the correct answers for the incorrect part

Item

Financial Statement

Category

2)

Unrealized gain on available for sale securities

Balance Sheet

Other Revenues and Gains

3)

Fair Value adjustment - trading

Balance Sheet

Investments

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Item

Financial Statement

Category

2)

Unrealized gain on available for sale securities

Balance Sheet

Other Revenues and Gains

3)

Fair Value adjustment - trading

Balance Sheet

Investments

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