Answer E 12-31 under the assumption that Bloom Corporation used the AFS Credit Loss Model introduced in

Question:

Answer E 12-31 under the assumption that Bloom Corporation used the AFS Credit Loss Model introduced in ASU 2016-13 and required after 2020.

Required:

Prepare appropriate entry(s) at December 31, 2018, and for each year indicate how the scenario will affect net income, OCI, and comprehensive income.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...