(Answered) Q1 on january 1 2012 valuation allowance for trading

Accounting

Q1. On January 1, 2012 Valuation allowance for trading investment hat a zero balance. On December 31, 2012, the cost of the trading securities portfolios was $105,800 and the fair value was $101,600. Prepare the December 31, 2012 adjusting journal entry to record the unrealized gain or loss on trading, investments.

Q2. On January 1, 2012 Valuation allowance for Available-for-sale Securities had a zero balance. On December 31, 2012 the cost of the available-for sale securities was $62,400 and the fair value was $56,900. Prepare the adjusting entry to record the unrealized gain or loss for available for-sale securities on December 31, 2012.

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