Homework Answers
Answer- The Yankton Company’s financial statements for the current year should follow = a loss of $2000 on the income statement and temporary investments of $11000 on the balance sheet.
Explanation- Cost of trading securities = $13000
Market value of trading securities = $11000.
Loss on trading securities = $13000-$11000
= $2000 (Shown in income statement)
The value of trading securities should be shown in balance sheet at lower of cost ($13000) or market value ($11000) of trading securities.
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