Business, 24.02.2020 19:40 lakinbacon4
At December 31, Hull Corp. had the following debt securities that were purchased during the year, its first year of operations:
In Current Assets:
Security A:
Cost 90,000; Fair Value 60,000; Unrealized gain (loss) (30,000).
Security B:
Cost 15,000; Fair Value 20,000; Unrealized gain (loss) 5,000.
Totals:
Cost 105,000; Fair Value 80,000; Unrealized gain (loss) (25,000).
In Noncurrent Assets:
Security Y:
Cost 70,000; Fair Value 80,000; Unrealized gain (loss) 10,000.
Security Z:
Cost 90,000; Fair Value 45,000; Unrealized gain (loss) (45,000).
Totals:
Cost 160,000; Fair Value 125,000; Unrealized gain (loss) (35,000).
All changes in fair value are considered temporary. Security A is a trading security, and the other securities are available-for-sale securities. What amounts should be charged to earnings and other comprehensive income at December 31?
Earnings; OCI
a. $(25,000); $0
b. $(60,000); $0
c. $(25,000); $(30,000)
d. $(30,000); $(30,000)
Answers: 1
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At December 31, Hull Corp. had the following debt securities that were purchased during the year, it...
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