Use the following information for questions .
At the end of Fanning Corporation's fiscal year, its portfolio of trading investments purchased during the year is as follows:
-At the end of the year, Fanning Corporation normally would
A) make no entry.
B) increase trading investments to market value.
C) report an loss on the income statement for $3,000 under "Other Expenses".
D) report an loss on the income statement for $1,000 under "Other Expenses".

Question

Use the following information for questions .
At the end of Fanning Corporation's fiscal year, its portfolio of trading investments purchased during the year is as follows: 
-At the end of the year, Fanning Corporation normally would
A) make no entry. 
B) increase trading investments to market value. 
C) report an loss on the income statement for $3,000 under "Other Expenses". 
D) report an loss on the income statement for $1,000 under "Other Expenses".

Quizplus · Accepted Answer

The Answer of Use the following information for questions .
At the end of Fanning Corporation's fiscal year, its portfolio of trading investments purchased during the year is as follows: 
-At the end of the year, Fanning Corporation normally would
A) make no entry. 
B) increase trading investments to market value. 
C) report an loss on the income statement for $3,000 under "Other Expenses". 
D) report an loss on the income statement for $1,000 under "Other Expenses".

Use the Following Information for Questions