Zippydah Company has the following data at December 31, 2014.
| Securities | Cost | Fair Value |
| Trading | 120,000 | 124,000 |
| Non-trading | 100,000 | 94,000 |
The non-trading securities are held as a long-term investment.
Instructions:
(a) Prepare the adjusting entries to report 1. Trading securities at fair value and 2. Non-trading securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(b) Indicate the statement presentation of each class of securities.
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