On January 1, 2019, REP BLK Corp acquired trading securities with the following market value on December 31, 2019: Cost Market Gain (Loss) Goneril Inc preference shares 200,000.00 150,000.00 (50,000.00) Gloucester Co ordinary shares 800,000.00 950,000.00 150,000.00 Ordelia Co ordinary shares 1,000,000.00 1,100,000.00 100,000.00 Edmund Corp bonds 3,000,000.00 2,500,000.00 (500,000.00) 5,000,000.00 4,700,000.00 (300,000.00) The net decrease in market value should be recorded with a debit to a. None. This should be ignored since it is still unrealized. b.Financial asset - FVOCI c.Unrealized loss - P/L d.Unrealized loss - OCI
On January 1, 2019, REP BLK Corp acquired trading securities with the following market value on December 31, 2019: Cost Market Gain (Loss) Goneril Inc preference shares 200,000.00 150,000.00 (50,000.00) Gloucester Co ordinary shares 800,000.00 950,000.00 150,000.00 Ordelia Co ordinary shares 1,000,000.00 1,100,000.00 100,000.00 Edmund Corp bonds 3,000,000.00 2,500,000.00 (500,000.00) 5,000,000.00 4,700,000.00 (300,000.00) The net decrease in market value should be recorded with a debit to a. None. This should be ignored since it is still unrealized. b.Financial asset - FVOCI c.Unrealized loss - P/L d.Unrealized loss - OCI
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 January 1, 2019, REP BLK Corp acquired trading securities with the following market value on December 31, 2019:
| Cost | Market | Gain (Loss) | |
| Goneril Inc |
200,000.00 | 150,000.00 | (50,000.00) |
| Gloucester Co ordinary shares | 800,000.00 | 950,000.00 | 150,000.00 |
| Ordelia Co ordinary shares | 1,000,000.00 | 1,100,000.00 | 100,000.00 |
| Edmund Corp bonds | 3,000,000.00 | 2,500,000.00 | (500,000.00) |
| 5,000,000.00 | 4,700,000.00 | (300,000.00) |
The net decrease in market value should be recorded with a debit to
a. None. This should be ignored since it is still unrealized.
b.Financial asset - FVOCI
c.Unrealized loss - P/L
d.Unrealized loss - OCI
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