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

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.

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Requirement 1 Assuming Bloom has not previously recorded a 100000 loss Scenario 1 Bloom believes it is more likely than not it will have to sell the investment before fair value recovers so the portio... View full answer

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