Acc557 Financial Accounting: E12-12 Zippydah Company has the following data

Acc557 Financial Accounting

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.

(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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