Brooks Company purchases debt investments as trading securities at a cost of $66,000 on December 27. This is its first a

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Brooks Company Purchases Debt Investments As Trading Securities At A Cost Of 66 000 On December 27 This Is Its First A 1 (126.71 KiB) Viewed 45 times

Brooks Company purchases debt investments as trading securities at a cost of $66,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $72,000. Exercise 15-3 (Static) Financial statement impact of trading securities LO P1 Brooks sells a portion of its trading securities (costing $3,000) for $4,000 cash. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. Answer is not complete. Assets Liabilities 1. Cash (-) decrease ✓ 66,000 = + 1. = 2. = 3. = 3. = Equity