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Question(s) / Instruction(s):

Borchert Co. purchases various investments in trading securities at a cost of $63,000 on December 27, 2009. (This is its first and only purchase of such securities.) At December 31, 2009, these securities had a market value of $69,000.

Requirements:

1.            Prepare the December 31, 2009, year-end adjusting entry for the trading securities' portfolio.

2.            Prepare the January 3, 2010, entry when Borchert sells a portion of its trading securities (that had originally cost $31,500) for $33,000.

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