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EMK Corp. is holding two bonds to maturity, both of which have a book value of $132,000. At the end of the fiscal year, the fair market value of Bond A is SI 18,000, and the fair market value of Bond B is SI36,000. What is the unrealized gain or loss reported on the financial statements on these two bonds? a. Unrealized gain of S4.000 b. Unrealized loss of S 10,000 c. Unrealized loss of $ 14,000 d. No unrealized gain or loss is reported Refer to the following information for Multiple-Choice Questions A2S and A2-9: Shackley Inc. owns three available-for-sale debt securities which have yielded the following fiscal year end results: A. Interest income: $350 B. Gain on sale: $2,000 C. Unrealized loss: S600

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881
BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

Solutions

Chapter
Section
Chapter A2, Problem 7MCQ
Textbook Problem

EMK Corp. is holding two bonds to maturity, both of which have a book value of $132,000. At the end of the fiscal year, the fair market value of Bond A is SI 18,000, and the fair market value of Bond B is SI36,000. What is the unrealized gain or loss reported on the financial statements on these two bonds?

a. Unrealized gain of S4.000

b. Unrealized loss of S 10,000

c. Unrealized loss of $ 14,000

d. No unrealized gain or loss is reported

Refer to the following information for Multiple-Choice Questions A2S and A2-9:

Shackley Inc. owns three available-for-sale debt securities which have yielded the following fiscal year end results:

A. Interest income: $350

B. Gain on sale: $2,000

C. Unrealized loss: S600

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Chapter A2 Solutions

Cornerstones of Financial Accounting
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