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reclassification of securities kyoto inc had the following portfolio of securities a 692595

Reclassification of Securities

Kyoto Inc. had the following portfolio of securities at the end of its first year of operations:

 

 

 

Year End

Security

Classification

Cost

Market Value

A                                         

Trading

$ 8,000

$13,000

B                                         

Trading

15,000

18,000

1. Provide the entry necessary to adjust the portfolio of securities to its market value.

2. In the following year, Kyoto elects to reclassify security B as an available for sale security. On the date of the transfer, security B’s market value is $16,500. Provide the journal entry to reclassify security B.

 

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