On its December 31,2009, balance sheet, Quinn Co. reported its investmentin trad

Question

On its December 31,2009, balance sheet, Quinn Co. reported its investmentin trading securities, which had cost $600,000, at fair valueof $550,000. At December 31, 2010, the fair value of the securitieswas $585,000. What should Quinn report on its 2010 income statementas a result of the increase in fair value of the investments in2010? On its December 31,2009, balance sheet, Quinn Co. reported its investmentin trading securities, which had cost $600,000, at fair valueof $550,000. At December 31, 2010, the fair value of the securitieswas $585,000. What should Quinn report on its 2010 income statementas a result of the increase in fair value of the investments in2010? $0. Unrealized lossof $15,000. Realized gain of$35,000. Unrealized gainof $35,000.

Explanation / Answer

Hence Ans is Unrealized loss of $15,000.

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