Which of the following statements is incorrect regarding equity securities?

Which of the following statements is incorrect regarding equity securities?AnswerA. Equity securities should be recorded at cost.B. Equity securities are valued at fair market value if classified as trading securities.C. Equity securities are valued at fair market value if classified as equity securities with significant influence.D. Equity securities securities are valued at fair market value if classified as available for sale securities.E. Equity securities classified as available for sale record the dividend revenue when received.

Question:Which of the following statements is incorrect regarding equity securities?AnswerA. Equity securities should be recorded at cost.B. Equity securities are valued at fair market value if…

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