(Answered) Question - the following information is available for

Accounting

Question - The following information is available for Kinney Company at December 31, 2012, regarding its investments:

3000 shares of Petty Corporation Common Stock ; cost = $40,000 , fair value = $46,000. 1,000 shares of Dowe Incorporated preferred stock ; Cost = $25,000 , fair value = $22,000.

Instructions:

(a) Prepare the adjusting entry (if any) for 2012, assuming all securities are classified as trading.

(b) Prepare the adjusting entry (if any) for 2012, assuming the securities are classified as available-for-sale.

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