Brooks co. purchases debt investments as trading securities at a cost of $53,000 on december 27. this is its first and only purchase of such securities. at december 31, these securities had a fair value of $59,000. a. prepare the year end adjusting entry for th trading securities portfolio

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.