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Cornerstones of Financial Accounti...
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
Introduction:
The debt security is a security that is issued when a company owes a blend of interest amount and principal amount to another company.
To choose:
The option that states the unrealized gain or loss at year end.
| Situation | Result | Calculation |
| Acquisition Cost > Fair Market Value | Unrealized Loss | Acquisition Cost - Fair Market Value |
| Acquisition Cost < Fair Market Value | Unrealized Gain | Fair Market Value - Acquisition Cost |
Bond A:
Acquisition Cost of Security = $132,000
Fair Market Value = $118,000
Here, Acquisition Cost > Fair Market Value
...
Chapter A2 Solutions
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