Introduced in the mid-1970s, ________ is the term used to describe the practice of identifying emerging trends, setting priorities, and implementing strategies to respond to environmental changes

All liabilities are

a. current. b. long term. c. debts a company owes. d. all of the above.

Falcon Wholesalers purchased equity securities during 2016 and 2017 that it classified as trading securities. It had not purchased equity securities prior to 2016, and has purchased no other equity securities besides the following:

Purchase Purchase Fair Value Fair Value Date Selling Security Date Price 12/31/16 12/31/17 Sold Price 1 12/3/16 $20,000 $22,000 N/A 1/3/17 $21,000 2 12/10/16 24,000 18,000 N/A 1/7/17 20,000 3 12/4/17 16,000 N/A 19,000 1/9/18 19,000 4 12/13/17 33,000 N/A 7,000 1/8/18 42,000 Prepare all necessary journal entries for 2016 and 2017 related to these securities. What will be an ideal response?