On January 1, Butte Company's Valuation Allowance for Trading Investments account has a debit balance of $23,200 . On December 31, the cost of the trading securities portfolio was $80,000 . The fair value was $98,000 . Which of the following would Butte report on the income statement for the current year?
a. an unrealized loss on trading investments, $5,200
b. an unrealized gain on trading investments, $5,200
c. an unrealized gain on trading investments, $18,000
d. an unrealized loss on trading investments, $18,000
a
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The study of ethics goes no further than the requirements of the law to evaluate what is right for society.
Answer the following statement true (T) or false (F)
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Indicate whether the statement is true or false
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