Presented below are two independent cases related to held-for-collection and selling debt investments. For each case, determine

Question:

Presented below are two independent cases related to held-for-collection and selling debt investments.

Case 1 Case 2 Amortized cost Fair value $40,000 $100,000 30,000 110,000 Expected credit losses 4,000 4,000

For each case, determine the amount of impairment loss, if any, and the journal entry to record the impairment.

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Case 1 The total fair value adjustments is 10000 40...View the full answer

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Related Book For book-img-for-question

Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Nov 23, 2017 09:20 AM

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Presented below are two independent cases related to held-for-collection and selling debt investments. For each case, determine

Question:

Case 1 Case 2 Amortized cost Fair value $40,000 $100,000 30,000 110,000 Expected credit losses 4,000 4,000

Step by Step Answer:

Case 1 The total fair value adjustments is 10000 40...View the full answer

Intermediate Accounting IFRS

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