Zippydah Company has the following data at December 31, 2014. Securities Cost Fair Value Trading 120

Zippydah Company has the following data at December 31, 2014.

Securities

Cost

Fair Value

Trading

120,000

124,000

Non-trading

100,000

94,000

The non-trading securities are held as a long-term investment.

Instructions:

(a) Prepare the adjusting entries to report 1. Trading securities at fair value and 2. Non-trading securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(b) Indicate the statement presentation of each class of securities.

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