On December 31, 2021, Kona purchased debt securities as trading securities. Pertinent data are as follows:\\n Fair Value\\nSecurity Cost At 12/31/22\\nA $225,000 $215,000\\nB 200,000 210,000\\nC 230,000 210,000\\nOn December 31, 2022, Kona transferred its investment in security C from trading to available‐for‐sale\\nbecause Kona intends to retain security C as a long‐term investment. What total amount of gain or loss on\\nits securities should be included in Kona's income statement for the year ended December 31, 2022?
On December 31, 2021, Kona purchased debt securities as trading securities. Pertinent data are as follows:\\n Fair Value\\nSecurity Cost At 12/31/22\\nA $225,000 $215,000\\nB 200,000 210,000\\nC 230,000 210,000\\nOn December 31, 2022, Kona transferred its investment in security C from trading to available‐for‐sale\\nbecause Kona intends to retain security C as a long‐term investment. What total amount of gain or loss on\\nits securities should be included in Kona's income statement for the year ended December 31, 2022?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...
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On December 31, 2021, Kona purchased debt securities as trading securities. Pertinent data are as follows:\\n Fair Value\\nSecurity Cost At 12/31/22\\nA $225,000 $215,000\\nB 200,000 210,000\\nC 230,000 210,000\\nOn December 31, 2022, Kona transferred its investment in security C from trading to available‐for‐sale\\nbecause Kona intends to retain security C as a long‐term investment. What total amount of gain or loss on\\nits securities should be included in Kona's income statement for the year ended December 31, 2022?
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