Problem

Realized gains and losses are recorded on the income statement for w hich of the following...

Realized gains and losses are recorded on the income statement for w hich of the following transactions in trading securities and available-for-sale securities?

a. When adjusting a trading security to its fair value.

b. Only when recording the sale of a trading security.

c. When adjusting an available-for-sale security to its fair value.

d. When recording the sale of either a trading security or an available-for-sale security.

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