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, 2015 Securities Trading Available-for-sale Cost Fair Value $119,420 $123,520 91,170 100,160 The available-for-sale securities are held as a long-term investment. (a) Your answer is correct. Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. No. Account Titles and Explanation Debit Credit Fair Value Adjustment-Tra 4100 Unrealized Gain-Incom 4100 Unrealized Gain or Loss-Ec 8990 Fair Value Adjustment 8990

Explanation / Answer

UTTINGER COMPANY Balance sheet (partial) 31-Dec-15 Current asset Trading securities (short term investment) 123520 Non Current asset Available for sale (Investment) 91170 Stockholders Equity Less: Unrealized loss on available for sale securities 8990 UTTINGER COMPANY Income Statement for the year ended december 31, 2015 Other revenue & gains Unrealized Gain on trading securities 4100

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