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The investments of Charger Inc. include a single investment: 12,940 shares of Raiders Inc. common stock purchased on February 24, Year 1, for $38 per share including brokerage commission. These shares were classified as trading securities. As of the December 31, Year 1, balance sheet date, the share price had increased to $44 per share.Required:A.Journalize the entries to acquire the investment on February 24, and record the adjustment to fair value on December 31, Year 1. Refer to the Chart of Accounts for exact wording of account titles. I JUST NEED $ AMOUNT ONLY. THE CHART OF ACCOUNTS I HAVE ALREADY.B.How is the unrealized gain or loss for trading investments reported on the financial statements?B. How is the unrealized gain or loss for trading investments reported on the financial statements?The unrealized gain or unrealized loss for trading investments is disclosed in the income statement as ?other revenue? (or a separate item if significant). In determining net income, unrealized losses and gains would be in determining net income.
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