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Black Corporation bought the following securities during the current year:

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Black Corporation bought the following securities during the current year:

Black Corporation bought the following securities during the current year:

SecurityCostFair Value
Alpha Co.$91,000$98,000
Beta Co.$70,000$67,000
Delta Co.$30,000$38,000

Assume that these securities are trading securities. How will these securities be classified on the balance sheet at December 31 of the current year?

A)
AmountClassification
$191,000Current Asset

B)
AmountClassification
$203,000Current Asset

C)
AmountClassification
$191,000Noncurrent Asset

D)
AmountClassification
$203,000Noncurrent Asset

Textbook

Intermediate Accounting

Edition: 1^st

Authors: Gordon, Raedy, Sannella

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More solutions for this book are available here

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