Unrealized gains - confusing to a rookie
A redemption of mutual funds has me confused about Journal entries. Prior to redemption I had:
Mutual Fund Investments 80,888 DR
Mutual Funds Unrealized Gains 8,781 DR
(calculated as of end of prior year)
We sold, and realized $93,770
So my journal entries seem to be:
Checking account 93,770 DR
Mutual Fund Investments 80,888 CR
Gain on sale of assets 12,882 CR
Question: What happens to that Unrealized Gain asset amount that is sort of just left hanging out there? If I Credit it out, what is the corresponding Debit entry?
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