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2 points Question 1.24 The valuation allowance for trading investments account is found on the o income statement as other revenve (expense) balance sheet as an adjustment to the asset account o statement of retained eamings O balance sheet as an adustment to stockholders equity 2 points Question 1.25 Trading securities are reported at fair value on the balance sheet and as unrealized gains or losses on the income statement o not reported on the balance sheet reported as unrealized gains or losses on the income statement o reported at tair value in the balance sheet. 2 points Question 1.26 Changes in the value of available-for-sale securities are: o recognized on the inoome statement o reported as part of stocikhoiders equiry o nat recogrized o recognized on the inoome stacemen and as pat of stockholders equity. ☆ Question 1.27 GAAP requires trading and available-for-sale investments to be reported at their 2 points n net realzable value o market value O istorical cost n tar value Question 1.28 Which of the following should be added to net income in calculating net cash flow from operating activities using the indirect method? 2 points o a gain on the sale of land O a deorease in accounts payable o dividends paid on oommon stock o an increase in accrued labiites
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