Assume the same facts as in BE 12-20, except that Wickum accounts for the investment as FVOCI
Question:
Assume the same facts as in BE 12-20, except that Wickum accounts for the investment as FVOCI rather than HTM. How would Wickum record the $300,000 decrease in credit loss?
Data from in BE 12-20
Wickum Corporation reports under IFRS, and recognized a $500,000 impairment of an HTM debt investment in Right Corporation. Subsequently, the credit loss for Wickum’s investment decreased by $300,000. How would Wickum account for that change?
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Wickum would have recorded a journal entry previously that recogn...View the full answer
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