Gretta Company purchased a debt investment on June 15, 2021, and classified it as held to maturity.
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Gretta Company purchased a debt investment on June 15, 2021, and classified it as held to maturity. On December 31, 2021, the investment had a carrying value of $8,500 and a fair value of $8,000. On that date, the present value of the future cash flows from the debt investment is $8,100. On December 31, 2022, the carrying value, fair value, and present value of the future cash flows from the investment are $7,900, $7,800, and $7,800, respectively. What is the amount of the impairment loss/gain in 2021 and 2022? Where does Gretta report the impairment loss/gain?
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Related Book For
Intermediate Accounting
ISBN: 9780136946694
3rd Edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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