Please solve this accounting problem correctly. Fill out every single box with the right information **Understanding Unrealized Gains and Losses in Investment Securities**Sunland Corporation classifies its investments in debt securities as either trading securities or available-for-sale securities. As of December 31, 2022, the following cost and fair value details are noted:| Category | Cost | Fair Value | Unrealized Gain (Loss) ||------------------------------|---------|------------|------------------------|| Trading securities | $95,500 | $85,000 | $(10,500) || Available-for-sale securities| $59,000 | $62,000 | $3,000 |**Key Insights:**- **Trading Securities:** These have decreased in value, resulting in an unrealized loss of $10,500.- **Available-For-Sale Securities:** These have increased in value, leading to an unrealized gain of $3,000.**Balance Details for December 31, 2021:**- The Fair Value Adjustment for trading had a debit balance of $2,100.- The Fair Value Adjustment for available-for-sale had a credit balance of $6,700.**Journal Entries:**To accurately reflect these changes for December 31, 2022, prepare relevant journal entries for each security type:1. **Trading Securities:** - Prepare the journal entry needed for the unrealized loss. 2. **Available-for-Sale Securities:** - Prepare the journal entry needed for the unrealized gain.*(Note: Ensure all debit entries precede credit entries. The format automatically indents credit account titles. If an entry isn't required, select "No entry" and input 0 for amounts.)*This detailed approach aids in understanding how market fluctuations impact financial statements and ensures accurate reporting in compliance with accounting standards.

Existing balances in : Fair value adjustment - Trading account = $2,100 debit Fair value adjustment…

Current Attempt in Progress Some of Sunland Corporation's investments in debt securities are classified as trading securities and some are classified as available- for-sale. The cost and fair value of each category at December 31, 2022, were as follows. Cost Fair Value Unrealized Gain (Loss) $95,500 $85,000 $(10,500) Trading securities Available-for-sale securities $59,000 $62,000 $3,000 At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,100, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $6,700. Prepare the required journal entries for each group of securities for December 31, 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit Trading securities: 1. Available-for-sale securities: 2.

Current Attempt in Progress Some of Sunland Corporation's investments in debt securities are classified as trading securities and some are classified as available- for-sale. The cost and fair value of each category at December 31, 2022, were as follows. Cost Fair Value Unrealized Gain (Loss) $95,500 $85,000 $(10,500) Trading securities Available-for-sale securities $59,000 $62,000 $3,000 At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,100, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $6,700. Prepare the required journal entries for each group of securities for December 31, 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit Trading securities: 1. Available-for-sale securities: 2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Give an example of how a company's accounting department works. This function serves what purpose and why is it necessary? Where can you get the information you are looking for?
Which is preferable: implementing a manual accounting information system or implementing a computerised accounting information system? What is the procedure for setting up the system?
in your own words, what is accounting information system (AIS)? List and discuss the three sub system of AIS and identify which one you consider the most important of the three and state why?
How does the software Quickbooks relate to accounting?
Draft a recommendation directed to the CEO explaining the findings, recommendations, and benefits of installing an accounting information system. Make sure you are specific in your recommendations.
Question: briefly discuss what is an Accounting Information System? (AIS) briefly discuss.
Discuss the following: Discuss the financial errors you made or expected to make when using accounting softwares. Explain or suggest the reasons for the errors and how could you avoid them.
This is a question from the Accounting Information Systems by James Hall. What is a source document? List down all source documents in the revenue cycle and their functions.
Explain Staff Accounting Bulletins.
Due to this accounting principle I have to store the accounting documents for example invoices, cash receipts etc. for the predetermined time periods as I need to be able to prove the data used in the accounting. Select one: a. consistency principle b. prudence principle c. full disclosure principle d. reliability principle
Describe how to fix accounting mistakes in detail.
What is better: adopting a manual accounting information system or a computerized accounting information system? How to set up the system?